Q4 2023 American Axle & Manufacturing Holdings Inc Earnings Call

February 16, 2024

Yeah.

Jamie: Good morning, everyone. My name is Jamie and I will be your conference facilitator today.

Operator: Good morning, everyone. My name is Jamie, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the American Axle & Manufacturing 4th Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's event is being recorded. At this time, I'd like to turn the floor over to Mr. David Lim, Head of Investor Relations. Please go ahead, Mr. Lim.

Speaker Change: At this time I would like to welcome everyone to the American axle and manufacturing fourth quarter 2023 earnings Conference call.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer period.

Conference Facilitator: As a reminder, today's event is being recorded. At this time, I'd like to turn the floor over to Mr. David Lim, Head of Investor Relations. Please go ahead, Mr. Lim. Good morning everyone.

As a reminder, today's event is being recorded. At this time, I'd like to turn the floor over to Mr. David Lim, Head of Investor Relations. Please go ahead, Mr. Lim.

Speaker Change: I'd like to ask a question during this time simply press the Starkey and the number one on your telephone keypads.

To withdraw your question you May press star into.

Speaker Change: As a reminder, today's event is being recorded.

At this time I'd like to turn the floor over to Mr. David Lim head of Investor Relations. Please go ahead Mr. Lynn.

David Lim: Thank you, Jamie, and good morning everyone. I'd like to welcome everyone who is joining us on AAM's Fourth Quarter Earnings Call. Earlier this morning, we released our Fourth Quarter 2023 earnings announcement. You can access this announcement on the investor relations page of our website, www.aam.com, and through the PR Newswire services. You can also find supplemental slides for this conference call on the Investor page of our website as well. To listen to a replay of this call, you can dial 1 (877) 344-7529 replay access code 2703442. This replay will be available through February 23rd.

David H. Lim: Thank you Jamie and good morning, everyone I'd like to welcome everyone, who is joining us on E M. Its fourth quarter earnings call.

David H. Lim: I'd like to welcome everyone who is joining us on AEM's fourth quarter earnings call. Earlier this morning, we released our fourth quarter 2023 earnings announcement. You can access this announcement on the investor relations page of our website, www.aem.com, and through the PR Newswire services. You can also find supplemental slides for this conference call on the investor page of our website as well. To listen to a replay of this call, you can dial 1-877-344-7529 and enter the replay access code 270-3442.

David H. Lim: Earlier. This morning, we released our fourth quarter of 2023 earnings announcement, you can add.

David H. Lim: Access this announcement on the Investor Relations page of our website www Dot M dot com and through the PR Newswire services. You can also find supplemental slides for this conference call on the Investor page of our website as well.

David H. Lim: A replay of this call you can dial one 870 734475 to nine replay access code 2703 or 442. This replay will be available through February 23.

David H. Lim: This replay will be available through February 23rd. Before we begin, I'd like to remind everyone that the matters discussed in this call may contain comments and forward-looking statements subject to risks and uncertainties that cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed. For additional information, we ask that you refer to our filings with the Securities and Exchange Commission. Also, during this call, we may refer to certain non-GAAP financial measures. Information regarding these non-GAAP measures, as well as reconciliation of these non-GAAP measures to GAAP financial information, is available on our website. With that said, let me turn things over to AAM's Chairman and CEO, David Dauch. Thank you, David, and good morning, everyone.

This replay will be available through February 23rd.

Before we begin, I'd like to remind everyone that the matters discussed in this call may contain comments and forward-looking statements subject to risks and uncertainties, which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed. For additional information, we ask that you refer to our filings with the Securities and Exchange Commission. Also, during this call, we may refer to certain non-GAAP financial measures. Information regarding these non-GAAP measures, as well as reconciliation of these non-GAAP measures to GAAP financial information, is available on our website. With that, let me turn things over to AAM's Chairman and CEO, David Dauch. Thank you, David, and good morning, everyone.

David H. Lim: Before we begin I'd like to remind everyone that the matters discussed in this call may contain comments and forward looking statements subject to risks and uncertainties, which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed.

David H. Lim: For additional information, we ask that you refer to our filings with the Securities and Exchange Commission also during this call we may refer to certain non-GAAP financial measures.

David H. Lim: Information regarding these non-GAAP measures as well as reconciliation of these non-GAAP measures to GAAP financial information is available on our website with that let me turn things over to Aam's, Chairman and CEO and Doug. Thank you David and good morning, everyone. Thank you for joining us today to discuss Aam's financial results for the fourth quarter and full.

With that, let me turn things over to AAM's Chairman and CEO, David Dauch.

David C. Dauch: Thank you, David, and good morning, everyone. Thank you for joining us today to discuss AAM's financial results for the Fourth Quarter and full year of 2023. Joining me on the call today are Chris May; our Executive Vice President and Chief Financial Officer. To begin my comments today, I'll review the highlights of our fourth quarter and full year 2023 financial performance. Next, I'll cover our achievements in 2023 in both our electrification and legacy business. After Chris covers the details of our financial results, we will open up the call for any questions that you all may have. So, let's begin.

David C. Dauch: Thank you, David, and good morning, everyone. Thank you for joining us today to discuss AAM's financial results for the fourth quarter and full year of 2023. Joining me on the call today are Chris May; our Executive Vice President and Chief Financial Officer.

David C. Dauch: Thank you for joining us today to discuss AAM's financial results for the fourth quarter and full year of 2023. Joining me on the call today are Chris May, our Executive Vice President and Chief Financial Officer. To begin my comments today, I'll review the highlights of our fourth quarter and full year 2023 financial performance. Next, I'll cover our achievements in 2023 in both our electrification and legacy business. After Chris covers the details of our financial results, we will open up the call for any questions that you all may have. So, let's begin.

Aam: The year of 2023.

Aam: Joining me on the call today are Chris May our executive Vice President and Chief Financial Officer.

To begin my comments today I'll review, the highlights of our fourth quarter and full year 2023 and financial performance.

To begin my comments today, I'll review the highlights of our Fourth Quarter and full year 2023 financial performance. Next, I'll cover our achievements in 2023 in both our electrification and legacy business. After Chris covers the details of our financial results, we will open up the call for any questions that you all may have. So, let's begin.

To begin my comments today, I'll review the highlights of our fourth quarter and full year 2023 financial performance. Next, I'll cover our achievements in 2023 in both our electrification and legacy business. After Chris covers the details of our financial results, we will open up the call for any questions that you all may have.

Aam: Next I'll cover our achievements in 2023 on both our electrification and legacy businesses.

Christopher John May: After Chris covers the details of our financial results, we will open up the call for any questions that you all may have.

Speaker Change: So let's begin.

So, let's begin. From a big picture standpoint, AAM's Fourth Quarter operating results were negatively impacted by the UAW work stoppage. However, our performance was on track with our improvement objectives that we shared with you on the last call, ending a challenging 2023 on a positive trajectory. In addition, we continue to generate positive cash flow and pay down our debt along the way. AAM's Fourth Quarter of 2023 sales were $1.5 billion, and for the full year, AAM's sales were approximately $6.1 billion. From a profitability perspective, AM's adjusted EBITDA in the fourth quarter was $169.5 million, or 11.6% of sales. For the full year, AM suggested it was $693.3 million, or 11.4% of sales. AM's adjusted earnings per share in the fourth quarter of 2023 was a loss of $0.09 per share. For the full year, AM's adjusted EPS was also a loss of $0.09.

So, let's begin. From a big picture standpoint, AAM's fourth quarter operating results were negatively impacted by the UAW work stoppage. However, our performance was on track with our improvement objectives that we shared with you on the last call, ending a challenging 2023 on a positive trajectory. In addition, we continue to generate positive cash flow and pay down our debt along the way. AAM's fourth quarter of 2023 sales were $1.5 billion, and for the full year, AAM's sales were approximately $6.1 billion.

David C. Dauch: From a big picture standpoint, AIM's fourth-quarter operating results were negatively impacted by the UAW work stoppage. However, our performance was on track with our improvement objectives that we shared with you on the last call, ending a challenging 2023 on a positive trajectory. In addition, we continue to generate positive cash flow and pay down our debt along the way. AM's fourth quarter of 2023 sales were $1.5 billion, and for the full year, AM sales were approximately $6.1 billion. From a profitability perspective, AM's adjusted EBITDA in the fourth quarter was $169.5 million, or 11.6% of sales. For the full year, AM suggested it was $693.3 million, or 11.4% of sales. AM's adjusted earnings per share in the fourth quarter of 2023 was a loss of $0.09 per share. For the full year, AM's adjusted EPS was also a loss of $0.09.

From a big picture standpoint, Ames' fourth quarter operating results were negatively impacted by the UAW work stoppage. However, our performance was on track with our improvement objectives. We shared with you on the last call and in a challenging 2023 on a positive trajectory.

Speaker Change: In addition, we continued to generate positive cash flow and pay down our debt along the way.

Afg's fourth quarter of 2023 sales were $1 5 billion.

Speaker Change: For the full year AAM sales were approximately $6 1 billion.

Speaker Change: From a profitability perspective, aam's adjusted EBITDA in the fourth quarter was $169 5 million or 11, 6% of sales.

From a profitability perspective, AAM's adjusted EBITDA in the Fourth Quarter was $169.5 million, or 11.6% of sales. For the full year, AAM's adjusted EBITDA was $693.3 million, or 11.4% of sales. AAM's adjusted earnings per share in the Fourth Quarter of 2023 was a loss of $0.09 per share. For the full year, AAM's adjusted EPS was also a loss of $0.09 per share. For the full year, AAM's adjusted free cash flow of $219 million. This cash flow was deployed in 2023 to support debt reduction and electrification investments to position us for future growth. Chris will provide additional information regarding the details of our financial results in a few minutes. On slide 4 of our presentation deck, we are providing an update to our performance objectives overview slide that we initially shared with you in the last quarter. First, we experienced more customer stability in the latter part of the fourth quarter, and that trend has continued into the first quarter of 2024, which is positive. However, it is early in the year, and we remain optimistic, but a little cautious. The UAW work stoppage ended in the fourth quarter, and impacted plants have all resumed production, and we now consider this matter closed in its entirety.

From a profitability perspective, AAM's adjusted EBITDA in the fourth quarter was $169.5 million, or 11.6% of sales. For the full year, AAM's adjusted EBITDA was $693.3 million, or 11.4% of sales. AAM's adjusted earnings per share in the fourth quarter of 2023 was a loss of $0.09 per share. For the full year, AAM's adjusted EPS was also a loss of $0.09 per share. For the full year, AAM's adjusted free cash flow of $219 million. This cash flow was deployed in 2023 to support debt reduction and electrification investments to position us for future growth. Chris will provide additional information regarding the details of our financial results in a few minutes.

Speaker Change: For the full year, adjusted EBITDA was $693 3 million or 11, 4% of sales.

Speaker Change: Am's adjusted earnings per share in the fourth quarter of 2023 was a loss of nine cents per share for the full year Am's adjusted EBIT EPS was also a loss of nine cents per share.

David C. Dauch: For the full year, AM suggested a free cash flow of $219 million. This cash flow will be deployed in 2023 to support debt reduction and electrification investments to position us for future growth. Chris will provide additional information regarding the details of our financial results in a few minutes. On slide 4 of our presentation deck, we are providing an update to our performance objectives overview slide that we initially shared with you in the last quarter. First, we experienced more customer stability in the latter part of the fourth quarter, and that trend has continued into the first quarter of 2024, which is positive. However, it is early in the year, and we remain optimistic, but a little cautious. The UAW work stoppage ended in the fourth quarter, and impacted plants have all resumed production, and we now consider this matter closed in its entirety.

Speaker Change: For the full year Am's adjusted free cash flow was $219 million. This cash flow was deployed in 2023 to support debt reduction and electrification investments to position us for future growth.

Speaker Change: Chris will provide additional information regarding the details of our financial results in a few minutes.

On slide 4 of our presentation deck, we are providing an update to our performance objectives overview slide that we initially shared with you in the last quarter. First, we experienced more customer stability in the latter part of the fourth quarter, and that trend has continued into the first quarter of 2024, which is a positive. However, it is early in the year, and we remain optimistic, but a little cautious. The UAW work stoppage ended in the Fourth Quarter, and impacted plans have all resumed production, and we now consider this matter closed in its entirety.

Christopher John May: On slide four of our presentation deck, we have provided an update to our performance objectives overview slides. We initially shared with you in the last quarter.

Christopher John May: First we experienced more customer our stability in the latter part of the fourth quarter and that trend has continued into the first quarter of 'twenty 'twenty, four which is a positive.

Christopher John May: However, it is early in the year, we remain optimistic but a little cautious.

Christopher John May: The UAW work stoppage ended in the fourth quarter and impacted plants of all resume production. We now consider this matter closed as entirety.

David C. Dauch: As for commercial recoveries, we concluded a number of discussions at the very tail end of the year with positive results. We accomplished our primary objectives for 2023 and now have a few customers to close out in the first quarter of 2024. We are also making steady progress on improving operations at a number of underperforming plants. And we are on track with our objectives, and progress has been good. We will continue to allocate the necessary resources to get these plants back to AAM standards and in the time frame that we noted on the chart. Overall, we feel very good about the glide path we are on to resolve the aforementioned topics.

Christopher John May: As for our commercial recoveries, we concluded a number of discussions at the very tail end of the year with positive results. We accomplished our primary objectives for 2023 and now have a few customers to closeout in the first quarter here in 2024.

We are also making steady progress on improving operations at a number of underperforming plants and we're on track with our objectives and progress has been good we will continue to allocate the necessary resources to get these plants back to a M standards and then the timeframe that we noted on the chart.

David C. Dauch: Overall, we feel very good about the glide path we are on to resolve the aforementioned topic. Let me now talk about business updates and the 2023 highlights, which you can see on slides 5 and 6. New for the quarter, we are very pleased to announce that AM will supply Dongfeng with final drive units for a four-wheel drive plug-in hybrid SUV program in the Chinese market.

Overall, we feel very good about the glide path we are on to resolve the aforementioned topic.

Overall, we feel very good about the glide path, we're on to resolve the aforementioned topics.

Let me now talk about business updates and the 2023 highlights, which you can see on slides 5 and 6. New for the quarter, we are very pleased to announce that AAM will supply DongFeng with final drive units for a 4-wheel drive plug-in hybrid SUV program in the Chinese market. We're also happy to share that AAM will provide eLocking differentials to a Mahindra SUV program launching here in 2024. And lastly, we have begun shipping electric vehicle components to VinFast for its mid-sized electric vehicle program from our recent Tekfor acquisition. On the recognition side, AAM's China operations was recently recognized by SAIC-GM for quality excellence and supply chain stability and also earned an Excellence Supplier of the Year Award from Chery itself.

Speaker Change: Let me now talk about business updates in the 'twenty to 'twenty three highlights, which you can see on slides five and six.

Speaker Change: New for the quarter and we are very pleased to announce today and will supply a phone call with final drive units for our four wheel drive plug in hybrid SUV program in the China market.

David C. Dauch: We're also happy to share that A.M. will provide e-locking differentials to a Mahindra SUV program launching here in 2024. And lastly, we have begun shipping electric vehicle components to VINFAST for its mid-sized electric vehicle program from our recent Tech 4 acquisition. On the recognition side, A&P China Operations was recently recognized by SAIC-GM for quality excellence and supply chain stability and also earned an Excellence Supplier of the Year award from Cherry itself.

Speaker Change: We're also happy to share that AAM will provide E lock in differentials to a Mahindra SUV program watching here in 2024.

And lastly, we have begun shipping the electric vehicle components to Vin fast Fords midsize electric vehicle program from our recent tech for acquisition.

Speaker Change: On the recognition side a M to China operations was recently recognized by S. A I C. G M for quality excellence in supply chain stability and also earned an excellent supplier of the year award from Chery about Cherry itself.

David C. Dauch: On slide 6, it clearly highlights that 2023 was a challenging year for many perspectives, but it also was an eventful year for us with many accomplishments, and I just want to highlight a few of those accomplishments. After sharing with you our e-Beam awards with EKA Mobility and Jupiter, we announced a significant win with Stellantis, supplying 3-in-1 e-Beam for a future EV program launching in the latter part of the decade. This was soon followed up with ane-Beam award announced with Skywell and Mahindra. In addition, our cutting-edge e-Beam technology is a PACEpilot Award finalist. As you already know, we've won multiple PACE awards for electric driving customer collaboration over the years. So I'm excited about what we continue to do in that area.

Speaker Change: On slide six it.

Speaker Change: It clearly highlights the 2023 was a challenging year for many perspectives, but it also was an eventful year for us with many accomplishments I just want to highlight a few of those accomplishments.

Speaker Change: After sharing with you our E beam awards with E mobility, and Jupiter, We announced a significant win was the lantus supply in 301, he means for future EV program launching in the latter part of the decade.

Speaker Change: This was soon followed up with an E beam of warm announced with sky well and Mahindra.

Speaker Change: In addition, our cutting edge E beam technology is it pays pilot award finalist and as you already know we won multiple pace awards for electric driving customer collaboration over the years. So I'm excited about what we continue to do in that area. Our technology is certainly being recognized and it gives us further confidence about our competitiveness.

David C. Dauch: As you already know, we've won multiple Pace Awards for our electric driving customer collaboration over the years. So I'm excited about what we continue to do in that area. Our technology is certainly being recognized, and it gives us further confidence about our competitiveness. In addition, our legacy business continues to gain traction globally. We announced awards with FAW Group, supplying independent front axles for multiple plug-in hybrid vehicle models, and with J-Tour, providing power transfer units and rear drive modules for multiple all-wheel drive SUV programs.

As you already know, we've won multiple Pace Awards for our electric driving customer collaboration over the years. So I'm excited about what we continue to do in that area.

Our technology is certainly being recognized, and it gives us further confidence about our competitiveness. In addition, our legacy business continues to gain traction globally. We announced awards with FAW Group, supplying independent front axles for multiple plug-in hybrid vehicle models, and with Jetour providing power transfer units and rear drive modules for multiple all-wheel drive SUV programs. These awards signify AAM's broad product portfolio that supports multiple powertrain configurations.

In addition, our legacy business continues to gain traction globally, We announced award for the F. A W group supply and independent front axles for multiple plug in hybrid vehicle models and with J two are providing power transfer units and rear drive modules for multiple all wheel drive SUV programs.

David C. Dauch: These awards signify AIM's broad product portfolio that supports multiple powertrain configurations. Finally, in 2023, A.M. was recognized with a number of business and DEI awards. In particular, Forbes named A.M. one of America's best employers for diversity.

These awards signify AIM's broad product portfolio that supports multiple powertrain configurations.

Speaker Change: These awards seem to fight aim is broad product portfolio that supports multiple powertrain configurations.

Finally, in 2023, AAM was recognized with a number of business and DEI awards. In particular, Forbes named AAM one of America's best employers for diversity in 2023. AAM continues to make great strides in diversity, equity, inclusion, as well as environmental sustainability. And we look forward to publishing our new sustainability report in the near future. Now we're talking about our strategy, and we'll continue to secure our legacy core business, which we've made very good progress on. We're improving and optimizing our operations. We're driving EBITDA and free cash flow performance and generation. And, as you know, our business model is designed to yield solid conversion with consistent volumes. And those volumes are only getting stronger.

Speaker Change: Finally in 2023 and was recognized with a number of business and dei awards in particular Forbes named a M. One of America's best employers for diversity in 2023.

David C. Dauch: BAM continues to make great strides in diversity, equity, and inclusion, as well as environmental sustainability. And we look forward to publishing our new sustainability report in the near future. Now we're talking about our strategy, and we'll continue to secure our legacy core business, which we've made very good progress on. We're improving and optimizing our operations. We're driving EBITDA and free cash flow performance and generation. And, as you know, our business model is designed to yield solid conversion with consistent volumes. And those volumes are only getting stronger.

Speaker Change: AAM continues to make great strides in diversity equity inclusion as well as environmental sustainability and we look forward to publishing our new sustainability report in the near future.

Now let's talk about strategy, and we'll continue to secure our legacy core business, which we've made very good progress on. We're improving and optimizing our operations. We're driving EBITDA and free cash flow performance in generation. And, as you know, our business model is designed to yield solid conversion with consistent volumes. And those volumes are getting stronger. At the same time, we will continue to invest in electrification and solidify our position as a global leader in e-Propulsion systems, providing the OEMs with cost-effective, high-value solutions from e-Beam axles and electric drive units to components as well.

Speaker Change: Now, let's talk about our strategy and we will continue to secure our legacy core business, which we've made very good progress side were improving and optimizing our operations were driving EBITDA and free cash flow performance in generation.

Speaker Change: And as you know our business model is designed to yield solid conversion with consistent volumes and those volumes are getting stronger at.

David C. Dauch: At the same time, we will continue to invest in electrification and solidify our position as a global leader in e-propulsion systems, providing the OEMs with cost-effective, high-value solutions from e-beam axles and electric drive units to components as well. However, the reality is the industry is in an air pocket as OEMs reassess their respective electrification strategies, driven by many factors including consumer adoption, electric infrastructure, cost, and government regulations, just to name a few. As these factors are being weighed, AEM will continue to run its aforementioned playbook and be ready for any shifts in powertrain needs. Before I turn it over to Chris, let me discuss our three-year business backlog and our 2024 full-year financial outlook, which was included in our press release this morning. AM expects its gross new business backlog covering the three-year period of 2024-2026 to be approximately $600 million. For the backlog breakdown, please refer to slide 7.

At the same time, we will continue to invest in electrification and solidify our position as a global leader in e-propulsion systems, providing the OEMs with cost-effective, high-value solutions from e-beam axles and electric drive units to components as well.

Speaker Change: At the same time, we'll continue to invest in electrification and solidify our position as a global leader in E propulsion systems, providing the oem's with cost effective high value solutions for me beam axles and electric drive units and two components as well.

Speaker Change: However, the reality in the industry isn't it however.

However, the reality is in an air pocket as OEMs reassess their respective electrification strategies, driven by many factors including consumer adoption, electric infrastructure, cost, and government regulations, just to name a few. As these factors are being weighed, AAM will continue to run aforementioned playbook and be ready for any shifts in powertrain needs. Before I turn it over to Chris, let me discuss our 3-year business backlog and our 2024 full-year financial outlook, which was included in our press release this morning. AAM expects our gross new business backlog covering the 3-year period of 2024 through 2026 to be approximately $600 million. For the backlog breakdown, please refer to slide 7.

Speaker Change: However, the reality is the industry is in an air pocket as Oems reassess their respective electrification strategies driven by many factors, including consumer adoption.

Speaker Change: Eric infrastructure cost and government regulations just to name a few of these factors are being weighed a M will continue to run our aforementioned playbook and be ready for any shifts in powertrain needs.

Before I turn it over to Chris, let me discuss our 3-year business backlog and our 2024 full-year financial outlook, which was included in our press release this morning. AAM expects our gross new business backlog covering the 3-year period of 2024 through 2026 to be approximately $600 million. For the backlog breakdown, please refer to slide 7. About 50% of our backlog stems to electrification, and this is up from last year, which was at 40%. We expect the launch cadence of our backlog to be $300 million in 2024, $175 million in 2025, and $125 million in 2026.

Speaker Change: Before I turn it over to Chris Let me discuss our three year business backlog and our 2020 for full year financial outlook that was included in our press release this morning.

Speaker Change: We expect our gross new business backlog covering the three year period of 2024 through 'twenty 'twenty six to be approximately $600 million.

For the backlog breakdown, please refer to slide seven.

David C. Dauch: About 50% of our backlog is for stem cell electrification, and this is up from last year, which was at 40%. We expect the launch cadence of our backlog to be $300 million in 2024, $175 million in 2025, and $125 million in 2026. The new backlog nicely encompasses a mix of ICE and electric programs, including pickups, CUV programs in Asia, and additional model variants for other sophisticated electric drive units, to highlight just a few.

About 50% of our backlog is for stem cell electrification, and this is up from last year, which was at 40%. We expect the launch cadence of our backlog to be $300 million in 2024, $175 million in 2025, and $125 million in 2026.

Christopher John May: About 50% of our backlog stemmed from electrification and this is up from last year, which was at 40%.

Christopher John May: We expect the launch cadence of our backlog to be $300 million in 2020 $475 million in 2025 and $125 million in 2020 sets.

The new backlog nicely encompasses a mix of ICE and electric programs, including pickups, CEV programs in Asia, and additional model variants for other sophisticated electric drive units, to highlight a few. Our backlog factors in the impact of updated customer launch timing, our latest customer volume expectations, and does not include replacement business, just and only new and incremental business. And the backlog encapsulates recent OEM powertrain trends and timing estimates. From a launch standpoint, we have 19 launches in calendar year 2024, which should drive growth over the next several years. 2024 is a big year for AMs in terms of launch activity. In addition to our healthy $300 million new business backlog this year, we have major replacement business launches taking place already in the beginning of this year, and particularly with the Ram heavy-duty truck, the ICE version, and GM midsize CUV platforms. Both of these sizable and popular platforms will continue to help fuel AM's business into the next decade.

The new backlog nicely encompasses a mix of ice and electric programs, including pickups.

Christopher John May: The programs in Asia, and additional model variants for other sophisticated electric drive units to highlight a few.

David C. Dauch: Our backlog factors in the impact of updated customer launch timing, our latest customer volume expectations, and does not include replacement business, just and only new and incremental business. And the backlog encapsulates recent OEM powertrain trends and timing estimates. From a launch standpoint, we have 19 launches in calendar year 2024, which should drive growth over the next several years. 2024 is a big year for AMs in terms of launch activity. In addition to our healthy $300 million new business backlog this year, we have major replacement business launches taking place already in the beginning of this year, and particularly with the Ram heavy-duty truck, the ICE version, and GM midsize CUV platforms. Both of these sizable and popular platforms will continue to help fuel AM's business into the next decade.

Christopher John May: Our backlog factors in the impact of updated customer launch timing, our latest customer volume expectations.

Christopher John May: It does not include replacement business, just and only new and incremental business.

Christopher John May: And the backlog of incoming encapsulates recent OEM powertrain trends and timing estimates.

From a launch standpoint, we have 19 launches in calendar year 2024, which should drive growth over the next several years. 2024 is a big year for AAM in terms of launch activity. In addition to our healthy $300 million new business backlog this year, we have major replacement business launches taking place already in the beginning of this year, and particularly with the Ram heavy-duty truck, the ICE version, and GM midsize CEV platforms. Both of these sizable and popular platforms will continue to help fuel AAM's business into the next decade.

Christopher John May: From a launch standpoint, we have 19 launches in calendar year, 'twenty, 'twenty, four which should drive growth over the next several years.

Christopher John May: 2024 is a big year for a M. In terms of watch activity. In addition to our healthy 300 million new business backlog. This year, we have a major replacement business watches are taking place already in the beginning of this year and particularly with the Ram heavy duty truck the ice version and GM midsize C. U E platforms both of these.

Christopher John May: Sizable on popular platforms will continue to help fuel Ames business into the next decade.

David C. Dauch: So let's talk about 2024 from an end market perspective. We forecast production at approximately 15.8 million units for our primary North American market. We are monitoring multiple factors that can swing production, including interest rates and the health of the consumer. Slide 8 illustrates AAM's 2024 financial outlook. AAM is targeting sales of $6.05 billion to $6.35 billion. Adjusted EBITDA of approximately $685 million to $750 million, and adjusted free cash flow of approximately $200 million to $240 million. In the longer term, we'll continue to stay focused on securing our core business, generating strong free cash flow, strengthening our balance sheet, advancing our electrification portfolio, and positioning AAM for profitable growth. Team AAM looks forward to a positive and productive 2024. That concludes my formal remarks. Let me now turn the call over to our Executive Vice President and Chief Financial Officer, Chris May. Chris?

So let's talk about 2024 from an end market perspective. We forecast production at approximately 15.8 million units for our primary North American market. We are monitoring multiple factors that can swing production, including interest rates and the health of the consumer. Slide 8 illustrates AAM's 2024 financial outlook. AAM is targeting sales of $6.05 billion to $6.35 billion. Adjusted EBITDA of approximately $685 million to $750 million, and adjusted free cash flow of approximately $200 million to $240 million. In the longer term, we'll continue to stay focused on securing our core business, generating strong free cash flow, strengthening our balance sheet, advancing our electrification portfolio, and positioning AAM for profitable growth. Team AAM looks forward to a positive and productive 2024.

Christopher John May: So let's talk about 2024 from an end market end market perspective, we forecast production at approximately $15 8 million units for our primary North American market. We are monitoring multiple factors that can swing production, including interest rates and the health of the consumer.

David C. Dauch: Flight Aid illustrates AIM's 2024 financial outlook. AM is targeting sales of $6.05 to $6.35 billion. Adjusted EBITDA of approximately $685 to $750 million and adjusted free cash flow of approximately $200 to $240 million. In the longer term, we'll continue to stay focused on securing our core business. Generating strong free cash flow, Strengthening Our Balance Sheet, Advancing Our Electrification Portfolio, and Positioning AM for Profitable Growth Team AIM looks forward to a positive and productive 2024. That concludes my formal remarks. Let me now turn the call over to our Executive Vice President and Chief Financial Officer, Chris Smith.

Christopher John May: Slide eight illustrates aam's 'twenty 'twenty four financial outlook.

Christopher John May: AAM is targeting sales of $6.05 billion to $6.35 billion.

Christopher John May: Adjusted EBITDA of approximately $685 million to $750 million and.

Christopher John May: And adjusted free cash flow of approximately $200 million to $240 million.

Christopher John May: And the longer term, we will continue to stay focused on securing our core business.

Christopher John May: <unk> generated strong free cash flow.

Christopher John May: Strengthening our balance sheet, advancing our electrification portfolio and positioned.

Christopher John May: For profitable growth profitable growth.

Christopher John May: T M. A M looks forward to a positive and productive 2024 that concludes my formal remarks, let me now turn the call over to our executive Vice President and Chief Financial Officer, Chris Matt Chris.

That concludes my formal remarks. Let me now turn the call over to our Executive Vice President and Chief Financial Officer, Chris May. Chris?

Christopher John May: Thank you, David, and good morning, everyone. I will cover the financial details of our fourth quarter and full year 2023 with you today. I will also refer to the earnings slide deck as part of my prepared comments. So let's go ahead and begin with sales. In the fourth quarter of 2023, AAM sales were $1.46 billion compared to $1.39 billion in the fourth quarter of 2022. Slide 11 shows a comparison of Q4 2022 sales to Q4 2023 sales. Negative, Volume Mix, and Other was $158 million, driven in part by our backlog and certain platforms not impacted by the UAW work stoppage. The UAW work stoppage had an $84 million negative impact on sales in the quarter.

Christopher May: Thank you, David, and good morning, everyone. I will cover the financial details of our fourth quarter and full year 2023 with you today. I will also refer to the earnings slide deck as part of my prepared comments. So let's go ahead and begin with sales. In the fourth quarter of 2023, AAM sales were $1.46 billion compared to $1.39 billion in the fourth quarter of 2022.

Christopher John May: Thank you David and good morning, everyone I will cover the financial details of our fourth quarter and full year 2023 with you today I will also refer to the earnings slide deck as part of my prepared comments.

Christopher John May: So let's go ahead and begin with sales.

Christopher John May: In the fourth quarter of 2023, AAM sales were $1 $4 6 billion compared to 1.39 billion in the fourth quarter of 2022.

Christopher John May: Slide 11 shows a walk of fourth quarter 2022 sales to fourth quarter 2023 sales.

Slide 11 shows the walk of fourth quarter 2022 sales to fourth quarter 2023 sales. Positive volume mix and other was $158 million, driven in part by our backlog and certain platforms not impacted by the UAW work stoppage. The UAW work stoppage had an $84 million negative impact to sales in the quarter. And lastly, metal market pass-throughs and FX lowered net sales by approximately $1 million, with metals lower and FX higher.

Christopher John May: Positive volume mix and other was $158 million driven in part by our backlog and certain platforms not impacted by the UAW work stoppage.

Christopher John May: UAW work stoppage had an $84 million negative impact to sales in the quarter and lastly metal market pass throughs and FX lowered net sales by approximately $1 million with metals lower FX higher.

Christopher John May: And lastly, metal market pass-throughs and FX lowered net sales by approximately $1 million, with metals lower and FX higher. For the full year of 2023, AM sales were $6.1 billion as compared to $5.8 billion for the full year of 2022. The primary drivers of the increase were volume and mix.

And lastly, metal market pass-throughs and FX lowered net sales by approximately $1 million, with metals lower and FX higher.

For the full year of 2023, AAM sales were $6.1 billion as compared to $5.8 billion for the full year of 2022. The primary drivers of the increase were volume and mix. The 5-month contribution from our Tekfor acquisition and AAM's new business backlog was partially offset by the UAW work stoppage and lower metal market pass-throughs. Now, let's move on to profitability. Gross profit was $154.9 million in the fourth quarter of 2023 as compared to $167.2 million in the fourth quarter of 2022. Adjusted EBITDA was $169.5 million in the fourth quarter of 2023 versus $157.7 million last year. You can see a year-over-year walkdown of adjusted EBITDA on slide 12. In the quarter, Vine, Mix & Other added a net $39 million of adjusted dividi versus the prior year. The UAW work stoppage had a $23 million negative impact on the quarter.

Christopher John May: For the full year of 2023, AAM sales were $6 1 billion as compared to $5 8 billion for the full year of 2022 the.

Christopher John May: The primary drivers of the increase were volume and mix. The five month contribution from our tech for acquisition in Aam's, New business backlog, partially offset by the UAW work stoppage and lower metal market pass throughs.

Christopher John May: The five-month contribution from our TEC4 acquisition and AAM's new business backlog was partially offset by the UAW work stoppage and lower metal market price this year. Now, let's move on to profitability. Gross profit was $154.9 million in the fourth quarter of 2023 as compared to $167.2 million in the fourth quarter of 2022. Adjusted EBITDA was $169.5 million in the fourth quarter of 2023 versus $157.7 million last year. You can see a year-over-year walkdown of adjusted EBITDA on slide 12. In the quarter, Vine, Mix & Other added a net $39 million of adjusted dividi versus the prior year. The UAW work stoppage had a $23 million negative impact on the quarter.

Christopher John May: Now, let's move on to profitability.

Now, let's move on to profitability. Gross profit was $154.9 million in the fourth quarter of 2023 as compared to $167.2 million in the fourth quarter of 2022. Adjusted EBITDA was $169.5 million in the fourth quarter of 2023 versus $157.7 million last year. You can see a year-over-year walkdown of adjusted EBITDA on slide 12. In the quarter, volume mix & other added a net $39 million of adjusted EBITDA versus the prior year. The UAW work stoppage had a $23 million negative impact on the quarter. R&D was slightly higher year-over-year to support product launches and our electrification advancements. And, maybe most importantly, net inflation performance and other was $13 million favorable as plant efficiency improvement objectives remained on track, and we concluded a number of commercial discussions at the tail end of last year. For the full year of 2023, AM's adjusted EBITDA was $693.3 million, and its adjusted EBITDA margin was 11.4% of sales.

Christopher John May: Gross profit was $154 9 million in the fourth quarter of 2023 as compared to $167 2 million in the fourth quarter of 2022.

Adjusted EBITDA was $169 5 million in the fourth quarter of 2023 versus $157 7 million last year.

Christopher John May: You can see a year over year walk down of adjusted EBITDA on slide 12.

Christopher John May: In the quarter volume mix and other added a net $39 million of adjusted EBITDA versus the prior year.

Christopher John May: UAW work stoppage at a $23 million negative impact to the quarter.

Christopher John May: R&D was slightly higher year-over-year to support product launches and our electrification advancement. And, maybe most importantly, net inflation performance and other was $13 million favorable as plant efficiency improvement objectives remained on track, and we concluded a number of commercial discussions at the tail end of last year. For the full year of 2023, AM's adjusted EBITDA was $693.3 million, and its adjusted EBITDA margin was 11.4% of sales.

Christopher John May: R&D was slightly higher year over year to support product launches and our electrification advancements.

Christopher John May: And maybe most importantly, net inflation performance and other was $13 million favorable as plant efficiency improvement objectives remained on track and we concluded a number of commercial discussions at the tail end of last year.

For the full year of 2023, AAM's adjusted EBITDA was $693.3 million, and its adjusted EBITDA margin was 11.4% of sales. Let me now cover SG&A. SG&A expense, including R&D, in the fourth quarter of 2023 was 95.7 million, or 6.5% of sales. This compares to $88.5 million, or 6.4% of sales, in the fourth quarter of 2022. AAM's R&D spending for the fourth quarter of 2023 was approximately $40 million. As we head into 2024, we will continue to focus on controlling our SG&A costs and investing in our electric drive technology. We expect R&D to be flattish year-over-year. We anticipate about $35 million to $40 million per quarter on average, although it can be lumpy as we expect the annual pace of spending to moderate in the coming years as we finish developing our electric platform technologies.

Christopher John May: For the full year of 2023, Aam's adjusted EBITDA was $693 3 million and adjusted EBITDA margin was 11, 4% of sales.

Christopher John May: Let me now cover SG&A. SG&A expense, including R&D, in the fourth quarter of 2023, will be 95.7 million, or 6.5% of sales. This compares to $88.5 million, or 6.4% of sales, in the fourth quarter of 2022. AM's R&D spending for the fourth quarter of 2023 was approximately $40 million. As we head into 2024, we will continue to focus on controlling our SG&A costs and investing in our electric drive technology. We expect R&D to be flattish year over year.

Christopher John May: Let me now cover SG&A SG&A expense, including R&D in the fourth quarter of 2023 with $95 7 million or six 5% of sales. This compares to $88 5 million or six 4% of sales in the fourth quarter of 2022.

Christopher John May: Aam's R&D spending in the fourth quarter of 2023 was approximately $40 million.

Christopher John May: As we head into 2024, we will continue to focus on controlling our SG&A costs and investing in our electric drive technology.

Christopher John May: We expect R&D to be flattish year over year.

Christopher John May: We anticipate about $35 to $40 million per quarter on average, although it can be lumpy as we expect the annual pace of spending to moderate in the coming years as we finish developing our electric platform technology. Now, let's move on to Interest and Taxes. That interest expense was $42.9 million in the fourth quarter of 2023 compared to $36.9 million in the fourth quarter of 2022. Although our total debt is lower at quarter end on a year-over-year basis, the rising rate environment drove the interest expense increase. In the fourth quarter of 2023, we recorded an income tax expense of $5.8 million compared to an expense of $4.1 million in the fourth quarter of 2022. The unusual book rate for the quarter includes the recording of valuation allowances that we have discussed in previous calls. As we head into 2024, we expect our adjusted effective tax rate to be approximately 25-30%. Taking all these sales and cost drivers into account, our gap net loss was $19.1 million, or $0.16 per share, in the fourth quarter of 2023 compared to net income of $13.9 million, or $0.11 per share, in the fourth quarter of 2022.

We anticipate about $35 to $40 million per quarter on average, although it can be lumpy as we expect the annual pace of spending to moderate in the coming years as we finish developing our electric platform technology.

Christopher John May: Anticipate about $35 million to $40 million per quarter on average, although it can be lumpy as we expect the annual pace of spending to moderate in the coming years as we finish developing our electric platform technologies.

Let's move on to interest and taxes. Net interest expense was $42.9 million in the fourth quarter of 2023 compared to $36.9 million in the fourth quarter of 2022. Although our total debt is lower at quarter end on a year-over-year basis, the rising rate environment drove the interest expense increase. In the fourth quarter of 2023, we recorded an income tax expense of $5.8 million compared to an expense of $4.1 million in the fourth quarter of 2022. The unusual book rate for the quarter includes the recording of valuation allowances that we have discussed in previous calls. As we head into 2024, we expect our adjusted effective tax rate to be approximately 25% to 30%. Taking all these sales and cost drivers into account, our gap net loss was $19.1 million, or $0.16 per share, in the fourth quarter of 2023 compared to net income of $13.9 million, or $0.11 per share, in the fourth quarter of 2022.

Christopher John May: Let's move on to interest and taxes net interest expense was $42 9 million in the fourth quarter of 2023 compared to $36 9 million in the fourth quarter of 2022.

Christopher John May: Although our total debt is lower at quarter end on a year over year basis, the rising rate environment drove the interest expense increase.

Christopher John May: In the fourth quarter of 2023, we recorded income tax expense of $5 8 million compared to an expense of $4 1 million in the fourth quarter of 2022.

Christopher John May: Usual book rate for the quarter includes the recording of valuation allowances that we have discussed in previous calls.

Christopher John May: As we head into 2024, we expect our adjusted effective tax rate to be approximately 25% to 30%.

Christopher John May: Taking all these sales and cost drivers into account our GAAP net loss was $19 1 million or <unk> 16 per share in the fourth quarter of 2023 compared to net income of $13 9 million or 11 cents per share in the fourth quarter of 2022.

Christopher John May: Adjusted earnings per share, which excludes the impact of items noted in our earnings press release, was a loss of $0.09 per share in the fourth quarter of 2023 compared to a loss of $0.07 per share in the fourth quarter of 2022. For the full year of 2023, AAM's adjusted loss per share was $0.09 versus earnings of $0.60 in 2022. Let's now move to cash flow and the balance sheet. Net cash provided by operating activities for the fourth quarter of 2023 was $52.9 million.

Adjusted earnings per share, which excludes the impact of items noted in our earnings press release, was a loss of $0.09 per share in the fourth quarter of 2023 compared to a loss of $0.07 per share in the fourth quarter of 2022. For the full year of 2023, AAM's adjusted loss per share was $0.09 versus earnings of $0.60 in 2022.

Christopher John May: Adjusted earnings per share, which excludes the impact of items noted in our earnings press release was a loss of nine cents per share in the fourth quarter of 2023 compared to a loss of seven cents per share in the fourth quarter of 2022.

Christopher John May: For the first for the full year of 2023 and adjusted loss per share was <unk> versus earnings of 60 cents in 2022.

Let's now move to cash flow and the balance sheet. Net cash provided by operating activities for the fourth quarter of 2023 was $52.9 million. Capital expenditures net of proceeds from the sale of property, plant, and equipment for the fourth quarter of 2023 were $55.9 million. Cash payments for restructuring and acquisition-related activity for the fourth quarter of 2023 were $7.5 million. Reflecting the impact of these activities, AAM generated adjusted free cash flow of $4.5 million in the fourth quarter of 2023. For the full year of 2023, AM generated an adjusted free cash flow of $219 million compared to $313 million in 2020. As a team, we remain focused on free cash flow conversion, including managing CapEx effectiveness and efficiency and reducing cash restructuring payments. From a debt leverage perspective, we ended the year with net debt of $2.2 billion and LTM adjusted EBITDA of $693 million, calculating a net leverage ratio of 3.2 times at December 31st. This is down from 3.3 times the leverage ratio at September 30th of 2023. In 2023, we lowered our senior gross debt by over $140 million, including over $85 million in the fourth quarter.

Christopher John May: Let's now move to cash flow and the balance sheet net cash provided by operating activities for the fourth quarter of 2023 was $52 $9 million capital expenditures net of proceeds from the sale of property plant and equipment for the fourth quarter of 2023 were $55 9 million.

Christopher John May: Capital expenditures netted proceeds from the sale of property, plant, and equipment for the fourth quarter of 2023 were $55.9 million. Cash payments for restructuring and acquisition-related activity for the fourth quarter of 2023 were $7.5 million. Reflecting the impact of these activities, AAM generated an adjusted free cash flow of $4.5 million in the fourth quarter of 2023. For the full year of 2023, AM generated an adjusted free cash flow of $219 million compared to $313 million in 2020. As a team, we remain focused on free cash flow conversion, including managing CapEx effectiveness and efficiency and reducing cash restructuring payments. From a debt leverage perspective, we ended the year with net debt of $2.2 billion and LTM adjusted EBITDA of $693 million, calculating a net leverage ratio of 3.2 times at December 31st. This is down from 3.3 times the leverage ratio at September 30th of 2023. In 2023, we lowered our senior gross debt by over $140 million, including over $85 million in the fourth quarter.

Christopher John May: Cash payments for restructuring and acquisition related activity for the fourth quarter of 2023 were $7 5 million.

Christopher John May: Reflecting the impact of these activities AAM generated adjusted free cash flow of $4 5 million in the fourth quarter of 2023.

Christopher John May: For the full year of 2023, AAM generated adjusted free cash flow of $219 million compared to $313 million in 2022.

For the full year of 2023, AAM generated adjusted free cash flow of $219 million compared to $313 million in 2022. As a team, we remain focused on free cash flow conversion, including managing CAPEX effectiveness and efficiency and reducing cash restructuring payments. From a debt leverage perspective, we ended the year with net debt of $2.2 billion and LTM adjusted EBITDA of $693 million, calculating a net leverage ratio of 3.2x at December 31st. This is down from 3.3x the leverage ratio at September 30th of 2023. In 2023, we lowered our senior gross debt by over $140 million, including over $85 million in the fourth quarter.

Christopher John May: As a team we remain focused on free cash flow conversion, including managing capex effectiveness and efficiency and reducing cash restructuring payments.

Christopher John May: From a debt leverage perspective, we ended the year with net debt of $2 2 billion and LTM adjusted EBITDA of $693 million calculating a net leverage ratio of three two times at December 31.

Christopher John May: This is down from three three times leverage ratio at September 30 of 2023.

Christopher John May: In 2023, we lowered our senior gross debt by over $140 million, including over $85 million in the fourth quarter, we will continue to strengthen the balance sheet by reducing our outstanding indebtedness.

In 2023, we lowered our senior gross debt by over $140 million, including over $85 million in the fourth quarter. We will continue to strengthen the balance sheet by reducing our outstanding indebtedness. AAM ended 2023 with total available liquidity of approximately $1.5 billion, consisting of available cash and borrowing capacity on AAM's global credit facilities. Before we move to the Q&A portion of the call, let me provide some thoughts on our backlog and 2024 financial outlook. In our earnings slide deck, we've included walks from 2023 actual results to our 2024 financial targets. And you can find those starting on slide 14. From a backlog perspective, the industry is at a juncture where OEMs are reformulating their electric vehicle product plans and timing, driven by a variety of factors. Similar to the industry, AAM is not immune to these cross currents and our new 2024 to 2026 backlog reflects the timing of this environment.

Christopher John May: We will continue to strengthen the balance sheet by reducing our outstanding indebtedness. AAM ended 2023 with total available liquidity of approximately $1.5 billion, consisting of available cash and borrowing capacity on AAM's global credit facility. Before we move to the Q&A portion of the call, let me provide some thoughts on our backlog and 2024 financial outlook. In our earnings slide deck, we've included walks from 2023 actual results to our 2024 financial targets. And you can find those starting on slide 14.

Christopher John May: AAM ended 2023 with total available liquidity of approximately $1 5 billion consisting of available cash and borrowing capacity on Aam's global credit facilities.

Speaker Change: Before we move to the Q&A portion of the call. Let me provide some thoughts on our backlog in 2024 financial outlook and our earnings slide deck. We've included walks from 'twenty to 'twenty three actual results to our 'twenty 'twenty four financial targets you can find those starting on slide 14.

Speaker Change: From a backlog perspective, the industry is at a juncture, where Oems are reformulating their electric vehicle product plans and timing driven by a variety of factors similar to the industry and is not immune to these cross currents and our new 2024 to 2026 backlog.

Christopher John May: From a backlog perspective, the industry is at a juncture where OEMs are reformulating their electric vehicle product plans and timing driven by a variety of factors. Similar to the industry, AM is not immune to these crosscurrents and our new 2024 to 2026 backlog. This reflects the timing of this environment.

Speaker Change: It reflects timing of this environment.

Speaker Change: However, the good news here is under various scenarios our base core business can remain quite strong for longer demand for our new next generation business. We are launching should be robust and possibly extend further and all that is good for AAM.

Speaker Change: Let's talk about our guidance for 2024.

Speaker Change: For sales, we are targeting the range of 6.050 billion to $6 35 billion for 2024.

Christopher John May: However, the good news here is under various scenarios, our base core business can remain quite strong for longer. Demand for our new next-generation business we are launching should be robust and possibly extend further. And all that is good for AAM. Let's talk about our guidance for 2024. For sales, we are targeting the range of $6.050 billion to $6.35 billion for 2024. The sales target is based on North American production of approximately 15.8 million units and assumptions for our key programs. New business backlog launches of approximately $300 million and attrition of approximately $220 million. We are cautiously optimistic that the supply chain has found better footing to support more stability versus the past several years, but we are monitoring this very closely. From an EBITDA perspective, we are expecting adjusted EBITDA in the range of $685 to $750 million.

However, the good news here is under various scenarios, our base core business can remain quite strong for longer. Demand for our new next-generation business we are launching should be robust and possibly extend further. And all that is good for AAM. Let's talk about our guidance for 2024. For sales, we are targeting the range of $6.050 billion to $6.35 billion for 2024. The sales target is based on North American production of approximately 15.8 million units and assumptions for our key programs. New business backlog launches of approximately $300 million and attrition of approximately $220 million. We are cautiously optimistic that the supply chain has found better footing to support more stability versus the past several years, but we are monitoring this very closely. From

Speaker Change: The sales target is based upon an north American production of approximately $15 8 million units and assumptions for our key programs.

Speaker Change: New business backlog launches of approximately $300 million and attrition of approximately $220 million.

Christopher John May: Let's talk about our guidance for 2024. For sales, we are targeting the range of $6,050,000,000 to $6,350,000,000 for 2024. The sales target is based on North American production of approximately 15.8 million units and assumptions for our key programs.

Speaker Change: We are cautiously optimistic that the supply chain has found better footing to support more stability versus the past several years, but we are monitoring this very closely.

Speaker Change: From an EBITDA perspective, we are expecting adjusted EBITDA in the range of $685 million to $750 million.

Christopher John May: New business backlog launches of approximately $300 million and attrition of approximately $222 million. We are cautiously optimistic that the supply chain has found better footing to support more stability versus the past several years, but we are monitoring this very closely. From an EBITDA perspective, we are expecting adjusted EBITDA in the range of $685 to $750 million.

Speaker Change: And let me provide some color on the key elements of our year over year EBITDA walk that is on page 15.

Speaker Change: We expect to convert our year over year product volume and mix increased at approximately 25% variable profit.

Speaker Change: As mentioned earlier, our R&D spending will be flattish year over year as we invest in our future and support electrification products and projects that we are in various stages of development.

From an EBITDA perspective, we are expecting adjusted EBITDA in the range of $685 million to $750 million. And let me provide some color on the key elements of our year-over-year EBITDA walk that is on page 15. We expect to convert our year-over-year product volume and mix increase at approximately 25% variable profit. As mentioned earlier, our R&D spending will be flat year-over-year as we invest in our future and support electrification products and projects that we are in various stages of development.

an EBITDA perspective, we are expecting adjusted EBITDA in the range of $685 to $750 million.

Speaker Change: AAM expects to deliver cost reductions operational productivity and commercial actions to mitigate inflationary costs and deliver year over year efficiency gains you can see year over year performance improvements as a net favorable $35 million on our work.

Christopher John May: And let me provide some color on the key elements of our year-over-year EBITDA walk that is on page 15. We expect to convert our year-over-year product volume and mix increase at approximately 25% variable profit. As mentioned earlier, our R&D spending will be flat year over year as we invest in our future and support electrification products and projects that we are in various stages of development.

Speaker Change: And lastly, we expect a net negative impact due to metal market and FX with the majority of this related to the strengthening of the Mexican peso.

Speaker Change: On page 16 from an adjusted free cash flow perspective, we are targeting approximately $200 million to $240 million in 'twenty 'twenty four.

Christopher John May: AAM expects to deliver cost reductions, operational productivity, and commercial actions to mitigate inflationary costs and deliver year-over-year efficiency gains. You can see year-over-year performance improvements as a net favorable $35 million on our walk. And lastly, we expect a net negative impact due to metal markets and FX, with the majority of this related to the strengthening of the Mexican peso.

Speaker Change: The main factors driving our cash flow changes are as follows.

Speaker Change: We have higher capital expenditures stemming from our key launches and investments such as automation a number of these launches are related to our large next generation core programs that we secured.

Christopher John May: On page 16, from an adjusted free cash flow perspective, we are targeting approximately $200 million to $240 million in 2024. The main factors driving our cash flow changes are as follows: we have higher capital expenditures stemming from key launches and investments such as automation. A number of these launches are related to our large next-generation core programs that we secured. And we are targeting CAPEX as a percent of sales of approximately 4% to 4.5%. We're also expecting moderately higher cash interest and taxes.

Speaker Change: And we are targeting capex as a percent of sales of approximately four to four 5%.

We're also expecting moderately higher cash interest and taxes.

Speaker Change: Lastly, while not included in our adjusted free cash flow figures, we estimate our restructuring payments to be in the range of $15 million to $25 million for 2024, as we look to finalize the integration of recent acquisitions and further optimize our business.

Christopher John May: And we are targeting CapEx as a percent of sales of approximately 4 to 4.5%. We're also expecting moderately higher cash interest and taxes. Lastly, while not included in our adjusted free cash flow figures, we estimate our restructuring payments to be in the range of $15 to $25 million for 2024 as we look to finalize the integration of recent acquisitions and further optimize our business. We continue to focus on the reduction of these types of expenditures.

And we are targeting CapEx as a percent of sales of approximately 4 to 4.5%. We're also expecting moderately higher cash interest and taxes.

Speaker Change: We continue to focus on the reduction of these type of expenditures.

Speaker Change: In addition, we expect to use the free cash flow generated in 2024 to continue to reduce debt further solidify our position in electrification and take advantage of select market opportunities to support growth should they arise.

Lastly, while not included in our adjusted free cash flow figures, we estimate our restructuring payments to be in the range of $15 million to $25 million for 2024 as we look to finalize the integration of recent acquisitions and further optimize our business. We continue to focus on the reduction of these types of expenditures. In addition, we expect to use the free cash flow generated in 2024 to continue to reduce debt, further solidify our position in electrification, and take advantage of select market opportunities to support growth should they arise. We are excited about AIM's cashflow generation potential as we launch over $10 billion in next-generation full-size truck axle programs with multiple customers from mid-decade to beyond 2030. From a CapEx perspective, our goal is to remain under 5% of sales, but there could be years that we may spike over that mark depending on launch. As it relates to cadence for the year, sales cadence is similar to 2023 with first and fourth quarters being lower than the second and third quarters. And, as depicted on slide 4 of our deck, we anticipate exiting the listed challenges by the second quarter. From a cash flow perspective, we expect seasonal cash flow use in the first quarter.

Speaker Change: We are excited about aam's cash flow generation potential as we launch over $10 billion of next generation full size truck axle programs with multiple customers from mid decade to beyond 2030.

Speaker Change: From a capex perspective, our goal is to remain under 5% of sales, but there could be years that we may spike over that mark depending on launch cadence.

Christopher John May: In addition, we expect to use the free cash flow generated in 2024 to continue to reduce debt, further solidify our position in electrification, and take advantage of select market opportunities to support growth should they arise. We are excited about AIM's cashflow generation potential as we launch over $10 billion in next-generation full-size truck axle programs with multiple customers from mid-decade to beyond 2030. From a CapEx perspective, our goal is to remain under 5% of sales, but there could be years that we may spike over that mark depending on launch. As it relates to cadence for the year, sales cadence is similar to 2023 with first and fourth quarters being lower than the second and third quarters. And, as depicted on slide 4 of our deck, we anticipate exiting the listed challenges by the second quarter. From a cash flow perspective, we expect seasonal cash flow use in the first quarter.

Speaker Change: As it relates to cadence for the year sales cadence is similar to 2023 with first and fourth quarters being lower in the second and third quarters.

We are excited about AAM's cash flow generation potential as we launch over $10 billion in next-generation full-size truck axle programs with multiple customers from mid-decade to beyond 2030. From a CAPEX perspective, our goal is to remain under 5% of sales, but there could be years that we may spike over that mark depending on launch cadence. As it relates to cadence for the year, sales cadence is similar to 2023 with first and fourth quarters being lower than the second and third quarters. And, as depicted on slide 4 of our deck, we anticipate exiting the listed challenges by the second quarter. From a cash flow perspective, we expect seasonal cash flow use in the first quarter.

Speaker Change: And as depicted on our slide four of our deck, we anticipate exiting the listed challenges by the second quarter.

Speaker Change: From a cash flow perspective, we expect a seasonal cash flow use in the first quarter.

Speaker Change: Overall, we are expecting a more stable operating environment relative to 2023.

Speaker Change: It's underperforming plants operational stride costs stabilize and additional productivity improvements are achieved and to generate nice future EBITDA conversion setting up the opportunity for continued financial performance.

As it relates to cadence for the year, sales cadence is similar to 2023 with first and fourth quarters being lower than the second and third quarters. And as depicted on slide 4 of our deck, we anticipate exiting the listed challenges by the second quarter. From a cash flow perspective, we expect seasonal cash flow use in the first quarter. Overall, we are expecting a more stable operating environment relative to 2023. As underperforming plans hit operational stride, costs stabilize, and additional productivity improvements are achieved, AAMs should generate nice future EBITDA conversion, setting up the opportunity for continued financial performance.

Speaker Change: Thank you for your time and participation on the call today I'm going to stop here and turn the call back over to David. So we can start Q&A, David Thank you, Chris and David we have reserved some time to take questions I would ask that you. Please limit your questions to no more than two so.

David C. Dauch: Overall, we are expecting a more stable operating environment relative to 2020. As underperforming plants hit their operational stride, costs stabilize, and additional productivity improvements are achieved, AAMs should generate nice future EBITDA conversion, setting up the opportunity for continued financial performance. Thank you for your time and participation on the call today. I'm going to stop here and turn the call back over to David so we can start Q&A.

Overall, we are expecting a more stable operating environment relative to 2020. As underperforming plants hit their operational stride, costs stabilize, and additional productivity improvements are achieved, AAMs should generate nice future EBITDA conversion, setting up the opportunity for continued financial performance.

David: At this time, please feel free to proceed with any questions you may have.

At this time I would like to remind everyone that in order to ask a question. Please press star and the number one on your telephone keypads, we'll pause for just a moment to compile the Q&A roster.

Thank you for your time and participation on the call today. I'm going to stop here and turn the call back over to David, so we can start Q&A. David?

David: Okay.

David: Yeah.

David: Our first question today comes from Dan Levy from Barclays. Please go ahead with your question.

David: Yeah.

Dan Levy: Hi, good morning, Thanks for taking the questions.

Conference Facilitator: Thank you, Chris and David. We have reserved some time to take questions. I would ask that you please limit your questions to no more than 2. At this time, please feel free to proceed with any questions you may have. At this time, I would like to remind everyone that in order to ask a question, please press star and the number one on your telephone keypads. We'll pause for just a moment to compile the Q&A. Our first question today comes from Dan Levy from Barclays. Please go ahead with your question. Hi, good morning.

David Lim: Thank you, Chris and David. We have reserved some time to take questions. I would ask that you please limit your questions to no more than 2. At this time, please feel free to proceed with any questions you may have.

Dan Levy: Wanted to start with just a couple of questions on the <unk>.

Dan Levy: For EBITDA walk.

Dan Levy: Maybe you could just clarify a couple of items here the metal market and FX.

[Operator Instructions] Our first question today comes from Dan Levy from Barclays. Please go ahead with your question. Hi, good morning.

Operator: [Operator Instructions] Our first question today comes from Dan Levy from Barclays. Please go ahead with your question.

Dan Levy: Are you assuming in terms of.

Speaker Change: Hey, so peso transaction headwinds and anything on the commodity side and then maybe they see R&D as a 5 million dollar headwind.

Dan Levy: Hi, good morning. Thanks for taking my questions. I wanted to start with a couple of questions on the 24' EBITDA walk. Maybe you could just clarify a couple of items here. The metal markets FX, just what are you assuming in terms of peso case of transaction headwinds and anything on the commodity side? And then maybe I see R&D is a $5 million headwind. What are the puts and takes within that? How much is R&D related to EV programs versus core R&D on ICE?. Yeah, Dan, good morning. This is Chris.

Dan Levy: Thanks for taking, I wanted to start with EBITDA. Um, maybe you could just clarify. The Ultimate Parody Site!

Speaker Change: What are the puts and takes within that you.

Speaker Change: How about you.

Speaker Change: R&D related to E b programs versus core R&D.

Dan Levy: The Metal Marketing FX. What are you assuming in terms of... Peso, www.americanaxleandmanufacturing.com, R&D related to EB programs for R&D. Yeah, Dan, good morning. This is Chris.

Speaker Change: Yeah.

Speaker Change: Yeah, Dan Good morning. This is Chris I'll I'll take both those questions. We'll start with the R&D that we can talk about the FX and metals.

Chris: R&D perspective, it's really gets us to a run rate of about $40 million a quarter up from $155 million in 2000 $23 million to $160 million in 2024, and principally this continues to be the build out of some of our electrification platforms. So as David mentioned, we do have some large I would call. It replacement business launching this year, which will require a little bit.

Yes, Dan, good morning. This is Chris. I'll take both of those questions. We'll start with the R&D, then we can talk about the FX and metals. From an R&D perspective, this really gets us to a run rate of about $40 million a quarter, up from $155 million in 2023 to $160 million in 2024. And principally, this continues to be the build-out of some of our electrification platforms. So, as David mentioned, we do have some large, I would call it, replacement businesses launching this year, which will require a little bit, from an R&D perspective, more on the D side. And that really-- that's why we said sort of year-over-year, we see it flattish. From a metal market and FX perspective, as you can see on that walk, it is minus $20 million. Most of that is just simply related to the strengthening of the Mexican peso. As you know, we're a large consumer of the peso. We use about MXP 5 to MXP 6 billion pesos a year inside of our Mexico operations.

Christopher May: Yes, Dan, good morning. This is Chris. I'll take both of those questions. We'll start with the R&D, then we can talk about the FX and metals. From an R&D perspective, this really gets us to a run rate of about $40 million a quarter, up from $155 million in 2023 to $160 million in 2024. And principally, this continues to be the build-out of some of our electrification platforms. So, as David mentioned, we do have some large, I would call it, replacement businesses launching this year, which will require a little bit, from an R&D perspective, more on the D side. And that really-- that's why we said sort of year-over-year, we see it flattish.

Christopher John May: I'll take both those questions. We'll start with the R&D, then we can talk about the FX and metal. From an R&D perspective, this really gets us to a run rate of about $40 million a quarter, up from $155 million in 2023 to $160 million in 2024. Principally, this is the build-out of some of our electrification platforms. So, as David mentioned, we do have some large, I would call it, replacement businesses launching this year, which will require a little bit, from an R&D perspective, more on the D side. And so, that's why we said, sort of, year over year, we see flash. From a metal market and FX perspective, as you can see on that walk, it is minus $20 million. Most of that is simply related to the strengthening of the Mexican peso. As you know, we're a large consumer of the peso. We use about 5 to 6 billion pesos a year inside of our Mexico operations.

Chris: From an R&D perspective, more on the D side, and so that really that's why we said sort of year over year, we see it flattish.

Chris: From a metal market and FX perspective, as you can see on that work. It is minus $20 million. Most of that is just simply related to the strengthening of the Mexican peso as you know we're a large consumer of the peso we use about five to 6 billion pesos a year inside of our Mexico operations, it's about a point and a half lower than our.

Chris: In 2023.

So we're sort of in that 18 to 18 and a quarter range, if our estimate going forward and that's a blended rate with our hedges as well as some floating.

From a metal market and FX perspective, as you can see on that walk, it is minus $20 million. Most of that is just simply related to the strengthening of the Mexican peso. As you know, we're a large consumer of the peso. We use about MXP 5 to MXP 6 billion pesos a year inside of our Mexico operations. It's about 1.5 lower than our experience in 2023. So we're sort of in that 18% to 18.25% range is our estimate going forward, and that's a blended rate with our hedges as well as some floating.

Chris: Okay.

Chris: The peso assumption that now is a full true up or there's still some hedges outstanding that you know in the future once those reset that would be an additional headwind based on where the peso as well.

Chris: We're gonna consistent I would call it a three year rolling hedge program. So we're constantly hedging three years out at various levels from a risk management perspective.

Christopher John May: It's about a point and a half lower than our experience in 2023. So we're sort of in that 18 to 18 and a quarter range of our estimate going forward. And that's a blended rate with our hedges as well as some floating. Okay, and the peso assumption that now is a full true up, or there's still, www. AmericanAxle & ManufacturingHoldings.com: We're on a consistent, I would call it a three-year rolling hedge program, so we're constantly hedging three years out at various levels from a risk management perspective. And it will ultimately depend on the underlying spot rate as to how you place those forwards into the subsequent one, two, or three years. www.americanaxle.com. The second question, thank you; the second question is on the back, where, essentially,

It's about a point and a half lower than our experience in 2023. So we're sort of in that 18 to 18 and a quarter range of our estimate going forward. And that's a blended rate with our hedges as well as some floating.

Chris: Ultimately depend on the underlying spot freight to how you place those forwards into the subsequent one two or three years.

Great.

Chris:

Okay. And the peso assumption that now is a full true up? Or there's still some heads outstanding that in the future once those reset, that would be an additional headwind base on where the peso is? AmericanAxle & ManufacturingHoldings.com: We're on a consistent, I would call it a three-year rolling hedge program, so we're constantly hedging three years out at various levels from a risk management perspective. And it will ultimately depend on the underlying spot rate as to how you place those forwards into the subsequent one, two, or three years. www.americanaxle.com. The second question, thank you; the second question is on the back, where, essentially,

Dan Levy: Okay. And the peso assumption that now is a full true up? Or there's still some heads outstanding that in the future once those reset, that would be an additional headwind based on where the peso is?

Speaker Change: This is the second question. Thank you. The second question is on the backlog, where essentially you know 40% of the prior basketball at 50% of the current backlog gets you to similar electrification bookings.

We're at a consistent, I would call it a 3-year rolling hedge program, so we're constantly hedging 3 years out at various levels from a risk management perspective. And it will ultimately depend on the underlying spot rate to how you place those forward into the subsequent 1, 2, or 3 years. The second question, thank you; the second question is on the back, where, essentially,

Christopher May: We're at a consistent, I would call it a 3-year rolling hedge program. So we're constantly hedging 3 years out at various levels from a risk management perspective. And it will ultimately depend on the underlying spot rate to how you place those forward into the subsequent 1, 2, or 3 years.

Speaker Change: Maybe you could just provide some context on those figures in light of the slow down some of the pushout of programs that we've seen.

Speaker Change: How much of this is booked in solid diversity.

Dan Levy: The second question--thank you-- the second question is on the backlog where, essentially 40% of the prior backlog, 50% of the current backlog gets you to similar electrification bookings. Maybe you could just provide on those figures in light of the slowdown, some of the pushout of programs that we've seen, how much of this is booked and solid versus still based on maybe the easy assumptions from the OEM?

Speaker Change: You know.

Dan Levy: 40% of the prior backlog. Current Backlog get you to similar. Maybe you could just provide... www.americanaxle.com www.

Speaker Change: Based on maybe they were easy assembly.

Speaker Change: Yeah.

Speaker Change: Yeah, Dan I'll take the first crack at that as well at least from a bar I mean these are all booked programs. Obviously, we're subject to volume estimates from our consumer our customer is variety of other inputs and our own judgment on those.

Dan Levy: AmericanAxle & ManufacturingHoldings.com Lowdown: www.americanaxle.com how much of this is booked in solid versus, still based on maybe, Yeah, Dan, I'll take the first crack at that as well. At least from a, I mean, these are all booked programs. Obviously, we're subject to volume estimates from our consumers, or our customer is writing other inputs based on our own judgment on those. And yes, while it clipped up from last year, meaning from a percent of the backlog, from 40% to 50%, keep in mind, inside of 23, we were launching a fair amount of our drive units with AMG and some others as well. So, some of those have started production already. So, these are some incremental wins that we have that we'll launch over the next couple of years. But from an absolute dollar to flat, but we've already started to record the actual revenue of some of the prior backlog in 2023, and that continues to grow. Great, thank you.

AmericanAxle & ManufacturingHoldings.com Lowdown: www.americanaxle.com how much of this is booked in solid versus, still based on maybe,

Yes, Dan, I'll take the first crack at that as well. At least from a--I mean, these are all booked programs. Obviously, we're subject to volume estimates from our consumers-- or our customer is writing other inputs based and our own judgment on those. And yes, while it clipped up from last year, meaning from a percent of the backlog from 40% to 50%, keep in mind, inside of '23, we were launching a fair amount of our drive units with AMG and some others as well. So, some of those have started production already. So, these are some incremental wins that we have that we'll launch over the next couple of years. But from an absolute dollar to flat, but we've already started to record the actual revenue of some of the prior backlog in 2023, and that continues to grow. Great, thank you.

Christopher May: Yes, Dan, I'll take the first crack at that as well. At least from a--I mean, these are all booked programs. Obviously, we're subject to volume estimates from our consumers-- or our customer is writing other inputs based and our own judgment on those. And yes, while it clipped up from last year, meaning from a percent of the backlog from 40% to 50%, keep in mind, inside of '23, we were launching a fair amount of our drive units with AMG and some others as well.

Speaker Change: And yes, while it clicked up from last year, meaning from a percent of the backlog from 40% to 50% keep in mind inside of 'twenty. Three we were launching a fair amount of our drive units with AMG and some others as well. So some of those stores started production already. So this is some incremental wins that we had that we'll launch over the next couple of years, but from an absolute dollars flat, but we've already start.

Speaker Change: To record the actual revenue also a prior backlog in 2023 and that continues to grow.

Speaker Change: Great. Thank you.

So some of those have started production already. So this is some incremental wins that we have that we'll launch over the next couple of years. But from an absolute dollar, it's flat, but we've already started to record the actual revenue of some of the prior backlog in 2023, and that continues to grow. Great, thank you. Yep. Our next question comes from James Picariello from BNP Paribas. Please go ahead with your, Hi, good morning, everyone. Just on your EV program exposure, just any way to think about the... The EV programs you have in your backlog that you're reporting in the rolling three-year figure, relative to your key platform OEM exposure, just in terms of what that overlap could look like as we consider the possibility for EV programs to get, you know, further pushed and or delayed, just in terms of what that replaces legacy production. So James, this is David.

Speaker Change: Yep.

Speaker Change: Our next question comes from James Picariello from BNP Paribas. Please go ahead with your question.

James Albert Picariello: Hey, good morning, everyone.

James Albert Picariello: Hello, James just on on your EV program exposure, just any way to think about the.

James Albert Picariello: E V programs you have in your backlog that youre, putting in that the rolling three year figure relative to your key platform OEM exposure just in terms of what that overlap could look like as we consider.

Great, thank you. Yep. Our next question comes from James Picariello from BNP Paribas. Please go ahead with your, Hi, good morning, everyone. Just on your EV program exposure, just any way to think about the... The EV programs you have in your backlog that you're reporting in the rolling three-year figure, relative to your key platform OEM exposure, just in terms of what that overlap could look like as we consider the possibility for EV programs to get, you know, further pushed and or delayed, just in terms of what that replaces legacy production. So James, this is David.

Dan Levy: Great, thank you.

Our next question comes from James Picariello from BNP Paribas. Please go ahead with your question. , Hi, good morning, everyone. Just on your EV program exposure, just any way to think about the... The EV programs you have in your backlog that you're reporting in the rolling three-year figure, relative to your key platform OEM exposure, just in terms of what that overlap could look like as we consider the possibility for EV programs to get, you know, further pushed and or delayed, just in terms of what that replaces legacy production. So James, this is David.

Operator: Our next question comes from James Picariello from BNP Paribas. Please go ahead with your question.

Dan Levy: Yep. Our next question comes from James Picariello from BNP Paribas. Please go ahead with your, Hi, good morning, everyone. Just on your EV program exposure, just any way to think about the... The EV programs you have in your backlog that you're reporting in the rolling three-year figure, relative to your key platform OEM exposure, just in terms of what that overlap could look like as we consider the possibility for EV programs to get, you know, further pushed and or delayed, just in terms of what that replaces legacy production. So James, this is David.

Hi, good morning, everyone. Just on your EV program exposure, just any way to think about the EV programs you have in your backlog that you're reporting in the rolling 3-year figure, relative to your key platform OEM exposure, just in terms of what that overlap could look like as we consider the possibility for EV programs to get--further pushed and/or delayed, just in terms of what that replacement, the legacy production benefit could be or what that dynamic looks like? So James, this is David.

James Picariello: Hi, good morning, everyone. Just on your EV program exposure, just any way to think about the EV programs you have in your backlog that you're reporting in the rolling 3-year figure, relative to your key platform OEM exposure, just in terms of what that overlap could look like as we consider the possibility for EV programs to get--further pushed and/or delayed, just in terms of what that replacement, the legacy production benefit could be or what that dynamic looks like?

James Albert Picariello: The possibility for EV.

James Albert Picariello: Programs to get further get pushed or delayed just in terms of what that replacement legacy production, you benefit could be or what that dynamic looks like.

James Albert Picariello: So James this is David let me take a crack at it Chris can add to it.

David C. Dauch: So James, this is David. Let me take a crack, and Chris can add to it. First of all, there's a delay in EV programs, so that's good for our business. We can generate strong margins, and in that area, strong cash flow, continue to fund our electrification growth going forward. At the same time, continue to pay down debt and work on tactical acquisitions where it makes sense. So we see that as a positive for us. At the same time, we're going to continue to develop the portfolio that we need for electrification.

David C. Dauch: Let me take a crack at it, and Chris can add to it. First of all, if there's a delay in EV programs, that's good for our business. We can generate strong margins in that area, strong cash flow, continue to fund our electrification growth going forward, at the same time continue to pay down debt and work on tactical acquisitions where it makes sense. So, we see that as a positive for us.

David: First of all if there's a delay in EV program. So it's good for our business. We can generate strong margins in that area of strong cash flow continued to fund our electrification growth going forward at the same time continue to pay down debt and more kind of tactical acquisitions, where it makes sense. So we see that as a positive for us.

The same time, we're going to continue to develop the portfolio that we need for electrification as Chris has already highlighted and I highlighted in my comments, we continue to win new electrification awards.

David C. Dauch: At the same time, we're going to continue to develop the portfolio that we need for electrification, as Chris has already highlighted and I highlighted in my comments. We continue to win new electrification awards, but to your point, many of the customers are re-scoping their programs, their content per program, and the volumes that go with that. Our backlog, as we said earlier, is growing year over year.

At the same time, we're going to continue to develop the portfolio that we need for electrification,

David: But to your point many of the customers are re scoping their program their content per program and the you know the volumes that go with that and.

As Chris has already highlighted and I highlighted in my comments, we continue to win new electrification award. But to your point, many of the customers are rescoping their program, their content per program and the volumes that go with that. And so our backlog, as we said earlier, is growing year-over-year. We're quoting $1.5 billion of new and incremental business, of which greater than 75% of that is electrification-based. But most of what we're working on is the latter part of the decade.

David: Our our backlog you know as we said earlier is growing year over year, we're quoting $1 5 billion of new and incremental business of which greater than 75% of that electrification based but most of what we're working on it as the latter part of the decade.

David C. Dauch: We're quoting $1.5 billion of new and incremental business, of which greater than 75% of that is electrification-based, but most of what we're working on is in the latter part of the decade. So I think you're going to see as the OEMs sort out their plans over the next, let's say, 12 to 24 months. Because I think it may take that long, because ultimately, the market's the boss, and they've got to put their portfolio in place to be able to support what consumer demand is. So we'll adjust accordingly, but, you know, any delay in EV is only going to ask for more ice to get inventories where they need to be, which, like I said earlier, is a positive thing for AEM. Chris, I don't know if there's anything you want to add or not.

We're quoting $1.5 billion of new and incremental business, of which greater than 75% of that is electrification-based, but most of what we're working on is in the latter part of the decade.

David: So I think youre going to see as the OEM sort out their plans over the next let's say 12 to 24 months, because I think it may take that long.

So I think you're going to see as the OEMs sort out their plans over the next, let's say, 12 to 24 months, because I think it may take that long. Because ultimately, the market's the most, and they've got to put their portfolio in place to be able to support what consumer demand is. So we'll adjust accordingly, but any delay in EV is only going to ask for more ICE to get inventories where they need to be, which, like I said earlier, is a positive thing for AAM. Chris, I don't know if there's anything you want to add or not?

David: Because ultimately the markets the boss and they've got to put their portfolio in place to be able to support with the consumer demand is.

David: So we will adjust accordingly, but yeah any delay it a V is only going to ask for more ice to get inventories, where they need to be which like I said earlier is a positive thing for a so Chris I don't know if there's anything you want to add or specifically to the electrification.

Chris: Products inside of our our backlog, there's not a lot of overlap with our existing ice business. As you know AMG is going into multiple derivatives as we talked about previously so that continues to expand on that set but some of the announcements over the last year that we've talked about especially in the China and India markets those are incremental to us, but we do see a little bit.

David C. Dauch: Yes, specifically to the electrification products inside of our backlog, there's not a lot of overlap with our existing ICE business. As you know, AMG is going into multiple derivatives, as we talked about previously, so that continues to expand on that set. But some of the announcements over the last year that we've talked about, especially in the China and India markets, those are incremental to us. But we do see a little bit of overlap on the component side. So to the extent that ICE is stronger. Obviously, our ICE business would pick up any slack from the component side. That's how I think about electrification. And then just my follow-up is, as certain OEMs consider a pivot to hybridization, on it as a full driveline supplier. What could be the conceivable fastest turnaround time?

Christopher May: Yes, specifically to the electrification products inside of our backlog, there's not a lot of overlap with our existing ICE business. As you know, AMG is going into multiple derivatives, as we talked about previously, so that continues to expand on that set. But some of the announcements over the last year that we've talked about, especially in the China and India markets, those are incremental to us. But we do see a little bit of overlap on the component side. So to the extent that ICE is stronger. Obviously, our ICE business would pick up any slack from the component side. That's how I think about electrification.

The overlap on the component side, so to the extent that ice is stronger obviously, our ice business would pick up any slack from the component side.

Chris: That's how that's how I would think about electrification.

Speaker Change: That's helpful. Thanks, and then just my follow up is.

Speaker Change: Certain Oems consider a pivot to hybridization for an emphasis on it.

James Picariello: That's helpful. And then just my follow-up is, as certain OEMs consider a pivot to hybridization or an emphasis on it, as a full driveline supplier, what could be the conceivable fastest turnaround to get an existing ICE driveline to incorporate hybrid? Just high level thoughts on that.

Speaker Change: As a full driveline supplier.

What could be the conceivable fastest turnaround to get a you know an existing ice driveline to to incorporate hybrid just just high level.

David C. Dauch: James, for us, the product components and subassemblies that we manufacture between ICE and hybridization are very similar to one another. So we can get to the market very quickly without a lot of change. It's really what the OEMs, how they want to identify the type of hybridization that they want to put into their vehicles. But again, that can be a positive for our company.

Speaker Change: Oh, Yeah, Yeah, James for Us the product components and sub assemblies that we manufacture between ice and hybridization are very similar to one another so we can get to the market very quickly without a lot of change is really what the Oems you know how they want to identify that the type of hybridization that they wanted to put it into their vehicles, but again.

David C. Dauch: But again, that can be a positive for our company. Yeah, absolutely. And James, keeping perspective, you know, a few years back, some of our customers had some large truck platforms that were hybrids; it was the exact same accident. And that would entail additional content. There is potential, especially in some of our VCS business as they have in, depending on obviously how they what type of engine side is etc inside of a vehicle, but potentially yes. Yeah, thanks. Our next question comes from John Murphy from Bank of America. Any other questions? Good morning, guys.

But again, that can be a positive for our company.

Speaker Change: That can be a positive for our company yeah. So James keeping perspective, you know a few years back some of our customers had some large truck platforms that for hybrid it was the exact same axle for us.

Yes. Absolutely. James, keeping perspective a few years back, some of our customers had some large truck platforms that were hybrids. It was the exact same axle for us. And that would entail additional content. There is potential, especially in some of our VCS business as they have in, depending on obviously how they what type of engine side is etc inside of a vehicle, but potentially yes. Yeah, thanks. Our next question comes from John Murphy from Bank of America. Any other questions? Good morning, guys.

Christopher May: Yes. Absolutely. James, keeping perspective a few years back, some of our customers had some large truck platforms that were hybrids. It was the exact same axle for us.

James Albert Picariello: I know that that would entail additional content for you.

And that would entail additional content for you potentially as well, right? . There is potential, especially in some of our VCS business as they have in, depending on obviously how they what type of engine side is etc inside of a vehicle, but potentially yes. Yeah, thanks. Our next question comes from John Murphy from Bank of America. Any other questions? Good morning, guys.

James Picariello: And that would entail additional content for you potentially as well, right?

James Albert Picariello: Essentially as well right.

right? . There is potential, especially in some of our VCS business as they have in, depending on obviously how they what type of engine side is etc inside of a vehicle, but potentially yes. Yeah, thanks. Our next question comes from John Murphy from Bank of America. Any other questions? Good morning, guys.

right? .

James Albert Picariello: There is potential, especially on some of our vcs business as they have in depending on obviously, how they want.

There is potential, especially in some of our VCS business as they have. Depending on obviously how they-- what type of engine signs, et cetera, inside of a vehicle, but potentially, yes. thanks. Our next question comes from John Murphy from Bank of America. Any other questions? Good morning, guys.

There is potential, especially in some of our VCS business as they have. Depending on obviously how they-- what type of engine signs, et cetera, inside of a vehicle, but potentially, yes. thanks.

Christopher May: There is potential, especially in some of our VCS business as they have. Depending on obviously how they-- what type of engine signs, et cetera, inside of a vehicle, but potentially, yes.

James Albert Picariello: What type of engine sizes et cetera inside of a vehicle, but potentially yes.

Speaker Change: Thank you.

Our next question comes from John Murphy from Bank of America. Please go ahead with your question. Good morning, guys.

Operator: Our next question comes from John Murphy from Bank of America. Please go ahead with your question.

Our next question comes from John Murphy from Bank of America. Any other questions? Good morning, guys.

Speaker Change: Thanks.

Speaker Change: Our next question comes from John Murphy from Bank of America. Please go ahead with your question.

Good morning, guys. Surprisingly, I have more questions on the backlog. When you look at this 50% is EV, does that include EV and hybrids? And I wonder if you could maybe give us a split there? And also, Chris, on slide 14, you gave us this great $220 attrition against the $300 million gross. So we had a net new business backlog and roll on in $24 million of $80 million. I just wonder if you have some similar guidance or something you'd give us there for '25 and '26, so we could back into a net new business backlog? Yeah, so let's start with the first question.

John Murphy: Good morning, guys. Surprisingly, I have more questions on the backlog. When you look at this 50% is EV, does that include EV and hybrids? And I wonder if you could maybe give us a split there? And also, Chris, on slide 14, you gave us this great $220 attrition against the $300 million gross. So we had a net new business backlog and roll on in $24 million of $80 million. I just wonder if you have some similar guidance or something you'd give us there for '25 and '26, so we could back into a net new business backlog?

Good morning, guys surprising you have more question on the on the backlog.

John Murphy: Surprisingly, I have more questions on the backlog. When you look at this 50% EV, does that include EVs and hybrids? And I wonder if you could maybe give us a split there. And also, Chris, on slide 14, you gave us this great 220 attrition rate against the 300 million gross. So we got a net new business backlog and roll on in 24 of 80 million. I just wonder if you have some similar guidance or something you'd give us there for 25 and 26, back into a net new business backlog. Yeah, so let's start with the first question.

When you look at this 60% did its E V does that include D V.

John Murphy: And in hybrids and I Wonder if you could maybe give us a split there and also Chris Slide 14, you gave us this great to 'twenty attrition against the 300 million gross so we had a net new business backlog and you roll on in in 24 of $80 million I. Just wonder if you have some similar guidance or or something you can give us there for 25.

Christopher May: Yes. So let's start with the first question, as it relates to our EV backlog, it's all about with the exception technically in the AMG product. As you know, we supply technically a hybrid, but it's an electrified axle, but the rest is all best in terms of that half, not hybrid. In terms of how we think about attrition going forward, as you know, this was a little bit larger year for us. There were a couple platforms that we supplied that ceased production. But as you go forward, we typically think about somewhere between $100 million to $200 million of attrition on an annual basis. So you can use midpoints of those going forward for the time being.

John Murphy: 26, so we could back into a net new business backlog.

Christopher John May: As it relates to our EV backlog, it's all BEV with the exception, technically, of the AMG product. As you know, we supply technically a hybrid, but it's an electrified axle. But the rest is all BEV in terms of that half, not hybrid.

Yeah, So let's start with the first question as it relates to our E V backlog, it's all Bev with exception technically at the AMG product as you know we supply is technically a hybrid but it is electrified axle, but the rest is all Beth in terms of that have not hybrid.

Christopher John May: In terms of how we think about attrition going forward, as you know, this was a little bit larger year for us. There were a couple platforms that we supplied that ceased production. But as you go forward, we typically think about somewhere between 100 to 200 million in attrition on an annual basis. So you can use the midpoints of those going forward for the time being.

John Murphy: In terms of how we think about attrition going forward as you know this was a little bit larger year for US there was a couple of platforms that we supply that ceased production.

John Murphy: But as you go forward, we typically think about somewhere between $100 million to $200 million of attrition on it on an annual basis. So you can use the mid points of those going forward for the time being.

Christopher John May: Okay. And then just one more follow-up. I mean, in this, you are not accounting for potential upside in the mid-CUV program that GM is relaunching the RAM-HD, any upside in GMT programs, or the full-size truck at GM. I mean there's no accounting for that at all in this backlog whatsoever. No, that's all our core business, and the only thing we have in the backlog, John, is doing incremental business. We consider that to be a replacement business, which is part of our core financial. And Chris, you mentioned margins for the near and long term on this backlog. As it rolls on, talk about maybe the difference between the EV and the ICE backlog. Yeah, we've not provided specific margin guidance on splits from EV to our ICE business in the future, but as we've stated previously, our goal is to drive maximum financial performance from these to ultimately replicate what we have today. But that is a long way to go. They have long tails before they reach volume, etc.

John Murphy: Okay. And then just one more follow-up. I mean, in this, you are not accounting for potential upside in the mid-CUV program that GM is relaunching the RAM-HD, any upside in GMT programs, or the full-size truck at GM. I mean, there's no accounting for that at all in this backlog whatsoever?

John Murphy: And then just one more follow up I mean, you're in issue, we're not accounting for potential upside in the beats easy program. The team has re launching the Ram HD any upside in G. M T.

John Murphy: Programs, we're going to get the full size truck at G. M News no accounting for that at all in this backlog whatsoever, no don't like all of our core business and the only thing we have the backlog job. He is doing incremental business, we consider that to be a replacement business, which is part of our core financials.

No, that's all in our core business. And the only thing we have the backlog, John, is do an incremental business. We consider that to be a replacement business, which is part of our core financials. And Chris, you mentioned margins for the near and long term on this backlog. As it rolls on, talk about maybe the difference between the EV and the ICE backlog. Yeah, we've not provided specific margin guidance on splits from EV to our ICE business in the future, but as we've stated previously, our goal is to drive maximum financial performance from these to ultimately replicate what we have today. But that is a long way to go. They have long tails before they reach volume, etc.

David C. Dauch: No, that's all in our core business. And the only thing we have the backlog, John, is do an incremental business. We consider that to be a replacement business, which is part of our core financials.

Okay. And Chris, you mentioned margins for the near and long term on this backlog as it rolls on. If you could just kind of talk about maybe the difference between the EV and the ICE backlog? Yeah, we've not provided specific margin guidance on splits from EV to our ICE business in the future, but as we've stated previously, our goal is to drive maximum financial performance from these to ultimately replicate what we have today. But that is a long way to go. They have long tails before they reach volume, etc.

John Murphy: Okay. And Chris, you mentioned margins for the near and long term on this backlog as it rolls on. If you could just kind of talk about maybe the difference between the EV and the ICE backlog?

John Murphy: Okay, and Chris you mentioned margins on these near and long term on the on this backlog as it rolls along if you could just kind of talk about maybe the difference between the E V and the the ice backlog, we've not we've not provided specific margin guidance on splits from EV to our ice business in the future, but you know as we've stated previously our goal is to drive maximum.

Christopher May: We've not provided specific margin guidance on splits from EV to our ICE business in the future. But as we've stated previously, our goal is to drive maximum financial performance in use to ultimately replicate what we have today. But that is a long way to go. They have long tails before they reach volume, et cetera. They'll go through a normal cycle of a product, right? They'll have investments up front, they'll have a low-volume startup, and then they'll get into volume later in their life cycle.

Chris: The financial performance of used to ultimately replicate what we have today, but that is a long way to go they have long tails before they reach volume et cetera, they'll go through a normal cycle of a project right they'll have investments upfront.

Christopher John May: They'll go through a normal cycle of a product, right? They'll have investments up front, they'll have a low-volume startup, and then they'll get into volume later in their life cycle. But there's no difference.

They'll go through a normal cycle of a product, right? They'll have investments up front, they'll have a low-volume startup, and then they'll get into volume later in their life cycle.

Chris: Volume startup and then we'll get into volume later in their lifecycle.

Chris: No different I mean, you know, we're generating strong margins on our ice business today, but because we got size and scale of the EV business doesn't have the size and scale. Today. So you can absolutely expect those margins will be lower but that's the size and scale grows over time, you can expect that we'll stay focused on delivering on our financial hurdles.

David C. Dauch: It's not different. I mean, we're generating strong margins on our ICE business today. But because we got size and scale, the EV business doesn't have the size and scale today. So you can naturally expect those margins to be lower. But as that size and scale grows over time, you can expect that we'll stay focused on delivering on our financial hurdles.

Christopher John May: I mean, you know, we're generating strong margins on our ice business today. But because we have size and scale, the EV business doesn't have the size and scale today. So you can naturally expect those margins to be lower. But as that size and scale grows over time, you can expect that we'll stay focused on delivering on our financial hurdle. Very helpful guys, thank you so much.

I mean, you know, we're generating strong margins on our ice business today. But because we have size and scale, the EV business doesn't have the size and scale today. So you can naturally expect those margins to be lower. But as that size and scale grows over time, you can expect that we'll stay focused on delivering on our financial hurdle.

Speaker Change: Very helpful guys. Thank you so much.

Speaker Change: Thanks, John.

Speaker Change: Our next question comes from.

Dong: When the Dong from Deutsche Bank. Please go with your question.

Speaker Change: Alright. Thank you so much can you guys hear me.

John Murphy: Very helpful, guys. Thank you so much.

Deutsche Bank: Good morning.

Dong: Good morning, I was wondering if you can provide an update on the the labor situation. It was a it was a very helpful slide including the deck. Maybe if you can go into you know any sort of like betas.

John Murphy: Our next question comes from Winnie Dong from Deutsche Bank. Please go ahead with your question. Hi, thank you so much. Can you guys hear me?

Operator: Our next question comes from Winnie Dong from Deutsche Bank. Please go ahead with your question.

Hi, thank you so much. Can you guys hear me? Yep, good morning. Good morning. I was wondering if you could provide an update on the labor situation. It was a very helpful slide, including the deck. Maybe if you could go into, you know, any sort of recent changes in the availability of labor, and then what kind of improvement you're anticipating, and that's embedded within that.

Winnie Dong: Hi, thank you so much. Can you guys hear me?

Adam Michael Jonas: Yep, good morning. Good morning. I was wondering if you could provide an update on the labor situation. It was a very helpful slide, including the deck. Maybe if you could go into, you know, any sort of recent changes in the availability of labor, and then what kind of improvement you're anticipating, and that's embedded within that. Hey, this is David.

Yep, good morning. Good morning. I was wondering if you could provide an update on the labor situation. It was a very helpful slide, including the deck. Maybe if you could go into, you know, any sort of recent changes in the availability of labor, and then what kind of improvement you're anticipating, and that's embedded within that.

Christopher May: Yes, good morning.

Winnie Dong: Good morning. I was wondering if you can provide an update on the labor situation. It was a very helpful slide including the deck. Maybe if you can go into any sort of latest changes in the availability of labor? And then what kind of improvement you're anticipating, and that's embedded within the outlook?

Dong: It is changes.

Dong: Labor and what kind of improvement again, anticipating and that's embedded with them with an outlook.

Dong: Yeah, well this is David you'll labors is going to continue to be the problem for the industry going forward here is not just an American axle issue as an industry and just an overall economic issue. There's a scarcity of labor that's out there today clearly we're doing our are necessary things in order to secure our labor going forward.

David C. Dauch: Hi, Winnie, this is David. Labor is going to continue to be the problem for the industry going forward here. It's not just an American Axle issue; it's an industry, and just an overall economic issue. There's a scarcity and labor that's out there today. Clearly, we're doing the necessary things in order to secure our labor going forward. We're making adjustments in base wages and fully loaded labor costs. We're bringing incremental workers in where we need to, even temps if we have to. We're investing heavily in automation and robotics right now to address any shortfalls that we might have on the labor side.

David C. Dauch: You know, labor is going to continue to be a problem for the industry going forward here. It's not just an American Axle issue; it's an industry and just an overall economic issue. There's a scarcity of labor that's out there today.

Dong: Adjustments and base ways and fully loaded labor cost, we're bringing incremental workers in where we need to even temps that we have to we're investing heavily in automation and robotics right now to address any shortfalls that we might have in the labor side.

David C. Dauch: Clearly, we're doing the necessary things in order to secure our labor going forward. We're making adjustments in base wages and fully loaded labor costs. We're bringing incremental workers in where we need to, even temps if we have to. We're investing heavily in automation and robotics right now to address any shortfalls that we might have on the labor side. And we're obviously driving productivity and efficiency to try to free up labor in our existing plants that can be reallocated to other facilities or other work within those facilities. And we're also looking at plant consolidation opportunities as well to free up labor so we can transfer it to other locations. It's demanding a lot of time and a lot of attention. It's not an issue that's going away.

Clearly, we're doing the necessary things in order to secure our labor going forward. We're making adjustments in base wages and fully loaded labor costs. We're bringing incremental workers in where we need to, even temps if we have to. We're investing heavily in automation and robotics right now to address any shortfalls that we might have on the labor side.

Dong: And we're obviously driving productivity inefficiency to try to free up labor in our existing plants that can be reallocated to other facilities or other work within those facilities. So.

And we're obviously driving productivity and efficiency to try to free up labor in our existing plants that can be reallocated to other facilities or other work within those facilities. And we're also looking at plant consolidation opportunities as well to free up labor so we can transfer it to other locations. It's demanding a lot of time and a lot of attention. It's not an issue that's going away. At the same time, with that labor, you're also seeing an increase in costs associated with employing that labor that's going to be sticky and be here that we're going to have to find a way to offset as we go forward or pass through.

Dong: And we're also.

Dong: Looking at you know plant consolidation opportunities as well to free up labor. So we can transfer it to other locations. So it's demand and a lot of time and a lot of attention is not an issue that's going away at the same time, you know with that labor you're also seeing an increase in costs associated with deploying that labor that's going to be sticky.

Dong: And be here that we're gonna have to find a way to offset as we go forward or pass through.

David C. Dauch: At the same time, with that labor, you're also seeing an increase in costs associated with employing that labor that's going to be sticky and be here that we're going to have to find a way to offset as we go forward or pass time. Thank you. That's very helpful. And I guess, in related terms, I was wondering if you could maybe break down the last bucket in the epidemic walk.

At the same time, with that labor, you're also seeing an increase in costs associated with employing that labor that's going to be sticky and be here that we're going to have to find a way to offset as we go forward or pass time.

Speaker Change: Thank you that's very helpful and I guess in read any times and I was wondering if you could maybe break down the the last bucket them into epic outwork them you know.

Winnie Dong: Thank you. That's very helpful. And I guess, in related terms, I was wondering if you could maybe break down the last bucket in the EBITDA walk. Obviously, inflation from labor is a headwind, as you said, what are the other break down in buckets that you're hoping to generate, whether it's from recoveries from customers or some of the plant efficiencies that you're planning to generate?

Speaker Change: Obviously inflation for labor is a headwind.

Adam Michael Jonas: You know, obviously, inflation from labor is a headwind, as you said, but you know, what are the other breakdowns in buckets that you're hoping to generate, whether it's from, you know, recoveries from customers or some of the plant efficiencies that you're planning to generate? Yeah, and Wendy, I think you're assuming about our year-over-year walk of the $35 million of performance improvement. What inflation is embedded in Yeah. What are the different buckets that are involved in that performance?

You know, obviously, inflation from labor is a headwind, as you said, but you know, what are the other breakdowns in buckets that you're hoping to generate, whether it's from, you know, recoveries from customers or some of the plant efficiencies that you're planning to generate?

Speaker Change: But you know what are the other breakdown in buckets that you're hoping to generate whether it's from recoveries from customers or some of the plant efficiencies that you're planning to generate.

Speaker Change: Yeah are you and when do you I think you were assuming two our year over year walk into the $35 million of performance improvement.

Yes. And Winnie, I think you're assuming to a year-over-year walk of the $35 million of performance improvement and what inflation is embedded in there?. What are the different buckets that are involved in that performance?

Christopher May: Yes. And Winnie, I think you're assuming to a year-over-year walk of the $35 million of performance improvement and what inflation is embedded in there?

Speaker Change: And what inflation is embedded in there.

Speaker Change: That yeah, what are the different buckets I didn't that's not yet performing how are we offsetting labor okay.

Yes. What are the different buckets that are involved in that performance? How are we offsetting the labor impact? Yeah, so you know, as we think about inflation stepping into 2024, we will have labor inflation; everyone will. And you know, we do have other inflation embedded in some of our purchase components. But through some of our core plant productivity initiatives, we're offsetting much of that labor inflation. That would be our expectation. Same with anything from the supply base; we have commercial arrangements with our customers to mitigate that, but far less in scope than we experienced in 2022 and 2023. I think that answers your question. Yep, I got it. Thank you so much for the call.

Winnie Dong: Yes. What are the different buckets that are involved in that performance?

Christopher John May: How are we offsetting the labor impact? Yeah, so you know, as we think about inflation stepping into 2024, we will have labor inflation; everyone will. And you know, we do have other inflation embedded in some of our purchase components. But through some of our core plant productivity initiatives, we're offsetting much of that labor inflation. That would be our expectation. Same with anything from the supply base; we have commercial arrangements with our customers to mitigate that, but far less in scope than we experienced in 2022 and 2023. I think that answers your question. Yep, I got it. Thank you so much for the call.

Yes. So as we think about inflation stepping into 2024, we will have labor inflation as everyone will. And we do have other inflation embedded from some of our purchase components. But through some of our core plant productivity initiatives, we're offsetting much of that labor inflation, that would be our expectation, same with anything from the supply base or have commercial arrangements with our customers to mitigate that. But far less in scope than we experienced in 2022 and 2023. I think that answers your question. Yep, I got it. Thank you so much for the call.

Christopher May: Yes. So as we think about inflation stepping into 2024, we will have labor inflation as everyone will. And we do have other inflation embedded from some of our purchase components. But through some of our core plant productivity initiatives, we're offsetting much of that labor inflation, that would be our expectation, same with anything from the supply base or have commercial arrangements with our customers to mitigate that. But far less in scope than we experienced in 2022 and 2023. I think that answers your question.

Speaker Change: Yeah. So you know as we think about inflation stepping into 'twenty 'twenty four we will have labor inflation is.

Speaker Change: Everyone, well and you know we do have other inflation embedded from some of our purchase components, but through some of our core plant productivity initiatives. We're offsetting much of that labor inflation that would be our expectation say with anything from the supply base or have commercial arrangements with our customers to mitigate that but far less in scope than we experienced in 2020.

Speaker Change: Two and 2023.

Speaker Change: I think that answers your question.

Speaker Change: Yeah got it got it. Thank you so much for the color.

Winnie Dong: Yes, I got it. Thank you so much for the color.

Speaker Change: Our next question comes from Joe Spak from UBS. Please go ahead with your question.

Adam Michael Jonas: Our next question comes from Joe Spak from UBS. Please go ahead with your question. Thanks. Good morning, everyone.

Operator: Our next question comes from Joseph Spak from UBS. Please go ahead with your question.

Speaker Change: Yeah.

Joseph Spak: Hi, Thanks, Good morning, everyone. Good morning, Jim.

Joseph Spak: Thanks. Good morning, everyone. Maybe just a couple more on the backlog. David, you sort of mentioned this air pocket, which makes sense because people are figuring out what to do with EVs and delaying it, but then they're also extending some ICE program. So I think, like last year, you talked about a $1.5 billion quoting funnel. Is there any sort of update on that activity?

Joseph Spak: Maybe just a couple more on the backlog. David, you sort of mentioned this air pocket, which makes sense because people are, you know, figuring out what to do with EVs and delaying it, but then they're also extending some ICE programs. So I think, like last year, you talked about a $1.5 billion quoting funnel. Is there any sort of update on that activity?

Maybe just.

Joseph Spak: A couple more on the backlog David you sort of mentioned this this air pocket, where which makes sense because people are.

Joseph Spak: You know figuring out what to do with the vs and delaying it but then they're also extending some some ice program. So I think like last year, you talked about a 1.5 billion dollar quoting funnel is there any sort of update on that activity.

David C. Dauch: Joe, as I was saying earlier, we still have about $1.5 billion of new and incremental quoting opportunity today, heavily weighted towards electrification. But as customers are sorting out that LRPP, it may adjust the timing of some of what we're quoting on as far as the launch cadence of that. But also, as I mentioned, it may be-- those launches will most likely be later in the decade versus mid-decade. That's really what we see right now, yes. Chris, I didn't answer the...

David: Joe as I was saying earlier, where we still have about $1 5 billion of new.

David: Incremental quoting opportunity today heavily weighted towards electrification, but it's our customers are sorting out the L. A P. P. It may adjust the timing of some of what we're calling out as far as the launch cadence of that as but also as I mentioned it maybe you know those launches will most likely be later in the decade a.

David: Versus mid decade isn't really what we see right now yep, Okay and then.

Speaker Change: Chris I can answer to.

Okay. And then, Chris, I answer the... when you were answering John's question before about the attrition in the outer years, you talked about that continual sort of plan for $100 million to $200 million. I guess conceptually, why if your customers are extending programs, why wouldn't it be at a lower level if they're extending some of the current programs around? Yes, so I mean, the 100. Joe, that's a great question.

Joseph Spak: Okay. And then, Chris, I answer the... when you were answering John's question before about the attrition in the outer years, you talked about that continual sort of plan for $100 million to $200 million. I guess conceptually, why if your customers are extending programs, why wouldn't it be at a lower level if they're extending some of the current programs are on?

David C. Dauch: When you were answering John's question before about the attrition in the later years, you talked about that continual sort of plan for $100 to $200 million. I guess conceptually, why wouldn't it be at a lower level if they're extending some of the current programs around? Yes, so I mean, the 100. Joe, that's a great question.

Speaker Change: When you were answering John's question before about the attrition in the outer years.

Speaker Change: You you talked about that continues sort of you know plan for 100 to 200 million I guess conceptually why if if if your customers are extending programs why wouldn't it be at a lower level.

Christopher May: Yes, so I mean, the $100--Joe, great question, $100 million to $200 million, I mean, we have tens of hundreds of different programs we have through our entire global franchise of sales. Some are smaller engine programs or transmission programs or driveline programs. Occasionally, they'll cease production of a vehicle, like, for example, you saw Stellantis cease production of the Jeep Cherokee last year. So those are types of things that will fall into the attrition bucket.

so I mean, the 100. Joe, that's a great question.

Christopher John May: 100 to 200 million. I mean, we have tens of hundreds of different programs we have through our entire global franchise of sales. Some are smaller engine programs or transmission programs or driveline programs. Occasionally, they'll cease production of a vehicle. Like, for example, you saw Stellantis cease production of the Jeep Cherokee last year. So those are types of things that will fall into the attrition bucket.

Speaker Change: Extending some of the current programs are on.

Speaker Change: Yeah. So I mean, it's 100 and enjoys great question $100 million to $200 million I mean, we have tens of hundreds of different programs. We have through our entire global franchises sale. Some are smaller engine programs or transmission programs are driveline programs occasionally they'll seize production of a vehicle like for example, you saw still I have to cease production of the Jeep Cherokee last year.

Speaker Change: So those are types of things that won't fall into the attrition bucket, if they're extending programs you had the chance to mitigate some of that attrition is higher rates and then maybe they'll continue engine production on certain size engines for an extended period of time, which bodes very well to our component business. So it is a little bit of a mix of a lot of factors, but you do have vehicle nameplates that from time to time.

Christopher John May: If they're extending programs, you have a chance to mitigate some of that attrition is higher, right? So then maybe they'll continue engine production on certain size engines for an extended period of time, which bodes very well for our component business. So it is a little bit of a mix of a lot of factors. But you do have vehicle nameplates that, from time to time, or sub-transmissions or sub-engines that simply cease production and are replace with something else.

Speaker Change: More sub transmissions yourself engines that simply cease production and replace with something else you again, John I think it just goes back to what it was what are the Oems are going to do with their long range product plans, but as Chris indicated they've already made some decisions to cancel certain programs or stop manufacturing programs, we're going to feel that that spike or that impact periodically but historically.

David C. Dauch: Joe, I think it just goes back to what are the OEMs going to do with their long-range product plans. But, as Chris indicated, they've already made some decisions to cancel certain programs or stop manufacturing programs. We're going to feel that spike or that impact periodically. But historically, we're going to be in that $100 million to $150 million of normal attrition. And then when you get into some of the higher years, it can be $200million, $200 million plus, right? But it's been pretty consistent in that $100 million to $200 million range, and we've been able to offset that.

Speaker Change: We're gonna be in that $100 million to $150 million of normal attrition and then when you get into some of the higher years. It can be 202 hundred plus right, but it's been pretty consistent in that 100 to 200 range and we've been able to offset that obviously with this air pocket that I'm talking about.

Speaker Change: Hopefully you know some of the extensions of these programs that we're starting to see will cover up some of the attrition that's there.

Speaker Change: But you know the big thing for US is to make sure that we can demonstrate incremental and profitable growth going forward and most of that that we're working on right. Now is electrification base, which is gonna be that latter part of the decade. So that's that air pocket, we talked about between now and then but they can be filled with incremental volume as the production ramps up in the Saar ramps up in inventory gets to.

Joseph Spak: It's been pretty consistent in that 100 to 200 range, and we've been able to offset that. Obviously, with this air pocket that I'm talking about, hopefully, some of the extensions of these programs that we're starting to see will, you know, cover up some of the attrition that's there. But, you know, the big thing for us is to make sure that we can demonstrate incremental and profitable growth going forward. And most of what we're working on right now is electrification-based, which is going to be the latter part of the decade. So that's that air pocket we talked about between now and then, but it can be filled with incremental volume as the production ramps up and the czar ramps up, and inventory gets to, you know, desired levels. Yeah, so just like the big picture, generally speaking, yes, to your underlying thesis, if programs are extended, that's generally good. Thanks for the call. Thanks, Joe. Ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question. There was a large, The Ultimate Parody Site!

It's been pretty consistent in that 100 to 200 range, and we've been able to offset that.

Obviously, with this air pocket that I'm talking about, hopefully, some of the extensions of these programs that we're starting to see will cover up some of the attrition that's there. But the big thing for us is to make sure that we can demonstrate incremental and profitable growth going forward. And most of that we're working on right now is electrification-based, which is going to be the latter part of the decade. So that's that air pocket we talked about between now and then, but it can be filled with incremental volume as the production ramps up and the desire ramps up, and inventory gets to desired levels. Yeah, so just like the big picture, generally speaking, yes, to your underlying thesis, if programs are extended, that's generally good. Thanks for the call. Thanks, Joe. Ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question. There was a large, The Ultimate Parody Site!

Speaker Change: You know desired levels. So just think big picture generally speaking, yes to your underlying thesis.

Speaker Change: Programs are extended that's generally good for us.

Speaker Change: Thanks for the color.

Speaker Change: Thanks, Joe.

Speaker Change: And ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question.

Tom Narayan: Hey, guys. Thanks for taking the question.

Tom Narayan: So there was a large European OEM, who was saying that they expected in 2024, they would have to make.

Tom Narayan: Meaningful concessions to to their suppliers because of cutting production on evs. They just have to make those agreement tool. Just curious if this is something you guys anticipate you know there's some choppiness of orders moving around but the contracts you guys have with with theory.

Yes. So just like big picture, generally speaking, I guess, to your underlying thesis, if programs are extended, that's generally good for us. Thanks for the call. Thanks, Joe. Ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question. There was a large, The Ultimate Parody Site!

Christopher May: Yes. So just like big picture, generally speaking, I guess, to your underlying thesis, if programs are extended, that's generally good for us.

Thanks for the call. Thanks, Joe. Ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question. There was a large, The Ultimate Parody Site!

Joseph Spak: Thanks for the color.

Thanks, Joe. Ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question. There was a large, The Ultimate Parody Site!

David C. Dauch: Thanks, Joe.

Ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question. There was a large, The Ultimate Parody Site!

Operator: Ladies and gentlemen, our final question will come from Tom Narayan from RBC. Please go ahead with your question.

Tom Narayan: Liam customers are such that they would you know they would have to compensate you guys. If there you know shutting down particular E V schedules et cetera.

Hi, guys. Thanks for taking my question. There was a large European OEM who was saying that they expected in 2024 they would have to make meaningful concessions to have suppliers because of cutting production on EVs. They just have to make those agreements whole. you guys have. Well, you know, clearly anytime you have a program adjustment, whether it's ICE or hybrid or EV, and investments are being made and volumes aren't being realized or programs are being delayed, there are commercial discussions that need to take place. Those are taking place with all the OEMs or all the suppliers that have made investments to support the OEMs, especially as they're adjusting some of those timings. AM is not excluded from those discussions.

Tom Narayan: Hi, guys. Thanks for taking my question. There was a large European OEM who was saying that they expected in 2024 they would have to make meaningful concessions to have suppliers because of cutting production on EVs. They just have to make those agreements whole. Just curious if this is something you guys anticipate, there's some choppiness of orders moving around that the contracts you guys have with the OEM customers such that they would have to compensate you guys if they're shutting down particular EV schedules, et cetera?

Tom Narayan: www. AmericanAxle & Manufacturing Holdings Inc., you guys have. Well, you know, clearly anytime you have a program adjustment, whether it's ICE or hybrid or EV, and investments are being made and volumes aren't being realized or programs are being delayed, there are commercial discussions that need to take place. Those are taking place with all the OEMs or all the suppliers that have made investments to support the OEMs, especially as they're adjusting some of those timings. AM is not excluded from those discussions.

Tom Narayan: Well you know clearly anytime you have a program adjustment, whether its ice or hybrid or EV and investments are being made in volumes arent being realized or programs are being delayed there's commercial discussions that need to take place. Those are taking place with all the Oems are all of the suppliers that are made investments to support the Oems, especially as they are adjusting.

David C. Dauch: Well, clearly anytime you have a program adjustment, whether it's ICE or hybrid or EV, and investments are being made and volumes aren't being realized or programs are being delayed. There's commercial discussions that need to take place-- those are taking place with all the OEMs or all the suppliers that have made investments to support the OEMs, especially as they're adjusting some of those timings. AAM is not excluded from those discussions.

Some of those timing aam's not excluded from those discussions so we're in discussions with it with our different Oems just trying to better understand their long range.

David C. Dauch: So we're in discussions with our different OEMs, just trying to better understand their long-range product plans, understand the timing and the re-scoping of the programs, and then understanding the impact that it may have on the business cases and the plans that we put together. Obviously, where we can redeploy assets, if need be, or allocate those assets to other businesses, we'll do that between ICE, hybrid, and EV. But at the same time, if there's some investment in regards to some of the R&D activity that's taking place, we'll need to make sure we're recovering appropriately. So that's what I'd say. I guess. you know, a lot of them...

So we're in discussions with our different OEMs, just trying to better understand their long-range product plans, understand the timing and the re-scoping of the programs, and then understanding the impact that it may have on the business cases and the plans that we put together. Obviously, where we can redeploy assets, if need be, or allocate those assets to other businesses, we'll do that between ICE, hybrid, and EV. But at the same time, if there's some investment in regards to some of the R&D activity that's taking place, we'll need to make sure we're recovering appropriately. So that's what I'd say. I guess.

Tom Narayan: <unk> plans understand the timing of the re scope in their programs and then understanding the impact that it may have on the business cases, and the plans that we've put together, obviously, where we can redeploy assets if need be or allocate those assets to other business. We will do that between ice are hybrid and EV, but at the same time with their sunk into.

Tom Narayan: With regards to some of the R&D activity, that's taking place that will need to make sure. We're recovering appropriately. So that's what I'd say, yes.

Speaker Change: Okay, and then you know a lot of folks are thinking that 2024 could be a year of M&A in the auto space you have a you know volumes not necessarily growing that much.

Tom Narayan: Okay. And then a lot of folks are thinking that 2024 could be a year of M&A in the auto space. You have volumes not necessarily growing that much. But counter to that would be obviously high financing costs. You guys do have a little bit of leverage, but just curious as to your guys' appetite to where it's being maybe acquisitive in 24'?

Speaker Change: Counter to that would be obviously high financing cost you.

Tom Narayan: Growing Debt. ®MD-BO And you guys do have a little bit of... I'm just curious to see your guys' thoughts.

Speaker Change: You guys do you have a little bit of leverage, but just curious to see your guys' appetite two words being may be acquisitive I'm in 'twenty four.

David C. Dauch: Well, we've said all along that we want to be a consolidator, and we actually started that activity back in 2017 with the acquisition of MPG. We've also done some other tactical acquisitions since that time, the latest one being the Tekfor acquisition that we did last year. We'll continue to look at what I'll call tactical M&A right now that we can operate within our current capital structure. But if there's other opportunities that make business sense for us, that ultimately strengthen the company going forward and position us as an organization going forward. We'll look at those opportunities as well, and we've got a fiduciary responsibility to do those types of things. So we'll definitely keep M&A on our radar screen. Chinese OEM, I'm just curious as to how you guys... Well, you know, the good news is we're growing our Chinese business, especially on the electrification and the P-HAB side of the business.

Speaker Change: Well, we've said all along that we want to be a consolidator and we actually started that activity back in 2017 with the acquisition of M. P. G. We've also done some other tactical acquisitions since that time the latest one being the tech for acquisition that we did last year. We'll continue to look at you know what I'll call. It tactical M&A right now that we can operate within our current capital.

Speaker Change: Structure, but if there's other opportunities to make business sense for us that ultimately strengthen the company going forward and position us as an organization going forward, we will look at those opportunities as well and we got a fiduciary responsibility to do those types of things. So we'll definitely keep M&A on our radar screen.

Speaker Change: Okay, and if I could sneak one final one sorry, David.

Speaker Change: Chinese Oems potentially entering Europe, and obviously Europe. It then, but then maybe even you know producing locally in the U S. Just curious as to how you guys think about this as something you know customers upset that maybe you're underexposed to could you could you easily pivot to more Chinese OEM exposure should this should this happen.

Okay. Now if I could sneak one final one. Sorry, David. Chinese OEMs potentially entering Europe and obviously, Europe but then maybe even producing locally in the U.S. Just curious as to how you guys think about this as something a customer subset that maybe you're underexposed to, could you easily pivot to more Chinese OEM exposure, should this happen? Thanks. Well, you know, the good news is we're growing our Chinese business, especially on the electrification and the P-HAB side of the business.

Tom Narayan: Okay. Now if I could sneak one final one. Sorry, David. Chinese OEMs potentially entering Europe and obviously, Europe but then maybe even producing locally in the U.S. Just curious as to how you guys think about this as something a customer subset that maybe you're underexposed to, could you easily pivot to more Chinese OEM exposure, should this happen? Thanks.

Well, you know, the good news is we're growing our Chinese business, especially on the electrification and the PHEV side of the business. They're becoming global OEMs. They're clearly on the offensive that where before they were looking at just satisfying their demand within the country of China, but they're obviously, you know, attacking our position in Europe very aggressively right now, in Mexico. And there's no doubt it's just a matter of time before they come strong to the U.S. But honestly, I think a lot of countries are going to have to look at what mechanisms that they need to put into place But ultimately, it means game on, and, you know, the low-cost producer that can produce a quality product that the consumer desires is going to win in the long run.

David C. Dauch: Well, you know, the good news is we're growing our Chinese business, especially on the electrification and the PHEV side of the business. They're becoming global OEMs. They're clearly on the offensive that where before they were looking at just satisfying their demand within the country of China, but they're obviously, you know, attacking our position in Europe very aggressively right now, in Mexico. And there's no doubt it's just a matter of time before they come strong to the U.S.

David C. Dauch: You know, they're becoming global OEMs. They're clearly on the offensive now, where before they were looking at just satisfying their demand within the country of China, but they're obviously, you know, attacking their position in Europe very aggressively right now, in Mexico, and there's no doubt it's just a matter of time before they come strong to the U.S. Quite honestly, I think a lot of countries are going to have to look at what mechanisms that they need to put into place But ultimately, it means game on, and, you know, the low-cost producer that can produce a quality product that the consumer desires is going to win in the long run.

Well you know the good news is we're growing our our our China business, especially on the electrification in the BP have side of the business.

Speaker Change: They're they're they're becoming global Oems, they're they're clearly on the offensive not where before they were looking at just satisfying their demand within the country of China, but are there, they're obviously attacking or position themselves in Europe very aggressively right now in Mexico, and there's no doubt, it's just a matter of time before they come strong to the U S.

Yes, quite honestly I think a lot of countries are going to have to look at what what what mechanisms that they need to put into place.

But honestly, I think a lot of countries are going to have to look at what mechanisms that they need to put into place to protect some of their business, meaning the automotive businesses whether that's tariffs or other types of things to level the playing field. But ultimately, it means game on. And the low-cost producer that can produce a quality product that the consumer desires is going to win in the long run.

To protect some of their businesses minions.

Speaker Change: Automotive businesses, whether that's tariffs or other types of things to level, the playing field, but ultimately it means game on and you know the low cost producer that can produce a quality product that the consumer desires theres going to weather the long run. So it just go to elevate the game of every one of the Oems and technology will be a differentiator as we.

David C. Dauch: So, it's just going to elevate the game of everyone at the OEMs, and technology will be a differentiator as we go forward. But the Chinese have vertically integrated the BEV side of the business. But I also think it's important to point out a couple of things, is I don't think BEVs are going to make up 100% of the volume on a global basis anytime soon. So, ICE and hybrid and even hydrogen will play a meaningful role going forward. I also think in Europe, the luxury cars are pretty well dominated by the Europeans. So that's a tough market to crack because of the performance that goes with that. And that same thing holds true here in North America from a truck and SUV and crossover standpoint, but especially truck and SUV, there are very loyal buyers in those areas.

So, it's just going to elevate the game of everyone at the OEMs, and technology will be a differentiator as we go forward. But the Chinese have vertically integrated the BEV side of the business. But I also think it's important to point out a couple of things, is I don't think BEVs are going to make up 100% of the volume on a global basis anytime soon. So, ICE and hybrid and even hydrogen will play a meaningful role going forward. I also think in Europe, the luxury cars are pretty well dominated by the Europeans. So that's a tough market to crack because of the performance that goes with that.

Speaker Change: Go forward, but the Chinese have vertically integrated the bev side of the business, but I also think it's important to point out a couple of things is I don't think valves are going to make up a 100% of the volume on a global basis anytime soon so ice in hybrid and even hydro general play.

Speaker Change: A meaningful role going forward I also think you know in Europe, you know the luxury cars are pretty well.

Speaker Change: Dominated by the Europeans so they've got that's a tough market to crack because of the performance that goes with that and that same thing holds true here in North America from a truck and SUV and crossover standpoint, but especially truck and SUV theres very loyal buyers in those areas. So there there are new entrants are growing entrant and they're going to gain market share.

And that same thing holds true here in North America from a truck and SUV and crossover standpoint, but especially truck and SUV, there are very loyal buyers in those areas. So, they're a new entrants, a growing entrant, and they're going to gain market share, but at the same time, it's an opportunity for companies like us and other suppliers. Yeah. I think that was our last question. Thank you, and we thank all of you who have participated in this call and appreciate your interest in AEM. We certainly look forward to talking with you in the future. Thanks. Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining us. You may now disconnect.

David C. Dauch: So, they're a new entrant, a growing entrant, and they're going to gain market share, but at the same time, it's an opportunity for companies like us and other suppliers. Yeah. I think that was our last question. Thank you, and we thank all of you who have participated in this call and appreciate your interest in AEM. We certainly look forward to talking with you in the future. Thanks. Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining us. You may now disconnect.

Speaker Change: But at the same time, it's an opportunity for companies like us and other suppliers.

Speaker Change: Got it thanks, so much guys.

Speaker Change: Yes.

Speaker Change: Okay.

Jamie, I think that was our last question. Thank you, and we thank all of you who have participated in this call and appreciate your interest in AEM. We certainly look forward to talking with you in the future. Thanks. Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining us. You may now disconnect.

David Lim: Jamie, I think that was our last question.

Speaker Change: Jamie I think that was our last question.

Ladies and gentlemen, that was our last question. I'd like to turn the floor back over to you, Mr. Lim for any closing remarks. Okay. Thank you, and we thank all of you who have participated on this call and appreciate your interest in AAM. We certainly look forward to talking with you in the future. Thanks. Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining. You may now disconnect.

Operator: Ladies and gentlemen, that was our last question. I'd like to turn the floor back over to you, Mr. Lim for any closing remarks.

Speaker Change: Ladies and gentlemen that was our last question I'd like to turn the floor back over to you Mr. Lim for any closing remarks.

Okay. Thank you, and we thank all of you who have participated on this call and appreciate your interest in AAM. We certainly look forward to talking with you in the future. Thanks. Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining. You may now disconnect.

David Lim: Okay. Thank you, and we thank all of you who have participated on this call and appreciate your interest in AAM. We certainly look forward to talking with you in the future. Thanks.

David H. Lim: Thank you and we thank all of you who have participated on this call and appreciate your interest in a M. We certainly look forward to talking with you in the future. Thanks.

Operator: Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining. You may now disconnect.

Speaker Change: Ladies and gentlemen that will conclude today's conference call and presentation. We do thank you for joining you may now disconnect your lines.

Speaker Change: Yeah.

Q4 2023 American Axle & Manufacturing Holdings Inc Earnings Call

Request a DemoDemo

DCH

Dauch

Earnings