Delighted next to have Boeing Company. From Boeing, the CFO, Brian West. Brian's gonna make a couple of comments, and then we'll go into a fireside chat. Brian? It's great to be here. Congratulations on your forty-fourth, Cai, in a new location. It's great to be here, and I think we have a forward-looking, safe harbor statement we're just gonna flash there to remind everyone. Okay. Do you wanna make an initial comment? Fire away. Okay. Sounds good. Last year was important for Boeing. you know, you generated first positive cash flow for the first time since 2018. Maybe tell us where do you think you are in the recovery? Last year, it was important, and that was an important milestone to generate that free cash flow. Particularly, the fourth quarter was when we had the right amount of momentum, and that felt good, along with getting the MAX 7 and the MAX 10, allowing that work to continue with the FAA. In terms of momentum, we still feel that coming into this calendar year, and we have confidence in the cash flow guidance that we have out there between $3 billion and $5 billion. You know, in terms of the recovery and where we're at, the good news is we know where we're headed. Right? We know where we're headed, and it's underwritten by our financial expression of $10 billion of free cash flow by the 2025/2026 timeframe. From here to there, a couple really big things have to happen that we're working hard on. You know, on the commercial business, we have to, two really important things. We have essentially, inventory on the 787 and the 737 that has to unwind and liquidate, and it's gonna take us a couple years to do that. The important part of that is delivering those airplanes to customers, but also relieving ourselves of essentially 2 dual production systems that are in there doing all that rework. That's important to get that behind us. Similarly, in the commercial side, we're looking to take our rate up, particularly on the 737, from today, which is 31, to 50, and on the 787 from what's low today to 10. All of that ramp will happen over the course of the next 2 years. You know, getting rid of the liquid in the inventory and being able to have confidently in a disciplined fashion, ramp the rate, that is what is right, center of attention over the next couple years. It's important. On the BDS side, similarly, we've got to get our margins, which are today too low, to where they are much more normal, call it in the high single digit margin rate, as well as take advantage of the market opportunities that exist around the world. On the services side, can't forget services, just run the stable play. Run a stable, profitable, capitally efficient light play with services and let that franchise extend. Those are the big things in front of us over the next couple years. You know, it's gonna get bumpy, but once we get all that behind us, have confidence that we're gonna be able to have a company that has recovered and looks a lot more normal to what investors are expecting. MAX obviously is key. You had a strong 54 deliveries in December. January looks pretty good at 35. You know, normally the first month of a quarter is the weakest. How is production doing? Will deliveries out of inventory, can they still hold, you know, the 9 or 10 per month? Yeah. On the 737, first of all, we still see 400-450 deliveries in this calendar year. That is unchanged. In terms of, that'll come from the factory as well as the inventory liquidation. I think your number out of inventory is probably a little touch high. We did 20 in the fourth quarter, call it 7-ish- Mm-hmm. A month. Not quite as high as you were thinking in terms of penciling it in. Mm-hmm. That work continues to be very steady and predictable as that work scope is very manageable. Mm-hmm. In terms of starting off the year, usually the first month of the quarter is the lowest, except for the first quarter. You know, last year in the first quarter, we had, you know, 29-ish, and then it dipped to 20. Mm-hmm. Maybe that's a February phenomena. We will have a lower February- Mm-hmm. In this quarter. It'll be low 20s, but, you know, we're gonna be on track with what we expect for the first quarter, and then those deliveries will continue to accelerate through the course of the year to end up in that 400-450 range. You know, we like the January. It'll dip in February, on track overall. Terrific. Your plan is to go from 31 to 38 later this year. Is there an interim step? 'Cause that's a pretty big step up percentage-wise. Usually, I think before you've been going up in increments of something like five. That 38 is not new news, so that number's been out there for quite a while, the better part of the year at least, in terms of the master schedule being out there with our supply chain partners. There's been folks studying it, planning for it, so, confidence that that's the right break. You know, when we did the MAX return, we went from 19 to 26. Right. In a break. It's not unprecedented. I acknowledge that the increase is sporty, but we've been looking at this and there's a lot of confidence that that's the right number. What's important is that on that 38, for us, the factory space is there, the tooling is there, and the labor is there, right? We wanted to make sure we were ready and ahead, and we are. The question is gonna be in terms of being able to get to that number, will be a function of the broader supply chain and essentially the skilled labor that it takes to be able to fulfill all the components to make all that come together. Some suppliers suggest they may be at 42 by year-end. That sounds higher than where they were talking. Has there been any acceleration in the ramp for the suppliers or for you in terms of the rate you're moving up? Nothing's changed. Nothing changed from when we talked in November to the investor community on our expectations for this calendar year, and that was consistent with January, so there's been no change. What I will tell you, more broadly speaking, is that the supply chain continues to have its moments of disruption. There are still part shortages. We're still working our way through it. It still is not stable and predictable. Not there yet. We didn't expect to be there in the first quarter of the year either. It's getting better. What's getting better is that the alignment around the demand across the supply chain, better. Hiring, better. The visibility of the constraints into tier two and tier three suppliers is better. The operating rhythms and the cadences for the tier ones is much better. That is top to top and down and in. Everyone is seeing the same things and the coordination, the communication's better. We have resources that we're deploying into our suppliers just to help them. It's not over. We're not stable yet, but there is a fairly good alignment and we'll get better and more predictable and more stable as we go through the course of the year. The production question about when that rate break can happen, it will be when we can, across the board, have everyone, 1, stable, and 2, line of sight that everyone can move to that level. We're just not there yet. Got it. Dave sounded a little more upbeat about China recently. Have you seen any positive indicators from your customers, you know, you know, as to when they might take some planes? How does that impact your decision to remarket some of those 140 inventory MAXes for Chinese customers? Passenger traffic numbers look pretty good as we start the year. Our job one right now is helping our airlines in China return airplanes to service. There are 2 airlines that are moved out. There are several that are in the air generating revenue, but there are about 90 that still have to return to service. We stand ready to help our customers in that market just as soon as they are ready, and we will follow their cue. In terms of the next series of activities will be around return to delivery, and that will be in conjunction with the CAAC and the NDRC in order to make sure that they have fulfilled all their requirements, protocols to get to that moment. They are not there yet, and I cannot predict when they will, but we stand ready. In terms of the remarketing question, you know, we knew we were gonna have to remarket some, but the intention and continues to be our intention is to support our critical customers in China. You know, objective would be to get them to go back mostly to where they originally were supposed to go. It's not gonna happen 100% that way, but we do wanna make sure that we are very prudent as we make those decisions and very, very close to our important clients in that very important market. Got it. You mentioned passenger traffic getting better. International traffic looks like it's really recovering quite nicely. Update us on your overall order prospects for 737, 787, 777X. You know, what regions are doing better? What models are really hot? Are we seeing another step up? I mean, we saw this gargantuan order out of the Tata Group. Yeah, we're very proud of that, partnership with Tata and Air India for sure. You know, I would start with the 737, is sold firm through 2026, and the 787 is sold, firm through 2025. The demand is, as we have been describing, has been solid and it's strong. Last year we had 800 orders, net. Talked a lot about the narrow body. I would say, in answer to your international point, as international traffic continues to recover, we are seeing a pickup in the conversations with clients on the wide bodies. In fact, last year we had 200 wide body orders, which I believe that's the most since 2018. That definitely feels like it's got a little bit of opportunity in there, some interest. Then more broadly, you look at traffic largely, trans-Atlantic is back to pre-COVID levels. That's pretty hot. In terms of the next thing, the likely move will be Asia. As those restrictions ease, you could expect trans Pacific and then Asia routes all to create some more momentum as we head into this year. I think that will bode well for our product lineup for sure. Then if I think more broadly, you know, we start the year at 75% of pre-2019 levels, and GDP is 10% better. Those are just two really big, important data points that show that we've got room to go, and I think that it gives our customers confidence and they're acting on that confidence. Ultimately, I think it'll be good for the flying public, it'll be good for the airlines, it'll be good for Boeing. Overall, market still feels pretty good. Got it. If I think about the cadence of orders, usually first quarter not so much, but in a Paris Air Show year, I can't remember a year when everyone didn't pull all this stuff out of their back pockets. you know, as we think about the cadence of orders this year, could that be a year like that where, you know, Paris is really, like, lots of orders? We see some stuff before, but not quite like Paris. Well, we really enjoyed yesterday. That was a big one. In terms of what's to come, stay tuned. Okay. We'll see. Okay. I don't wanna guess. No problem. No problem. You just announced a plan to add a fourth 737 line in Everett in mid 2024. What's that for? To get to 50 a month or a surge capacity to go higher? We're very fortunate to have Everett as an option. It's got the space, and it's got a very skilled workforce. That makes all the sense in the world that we can confidently move to that line in that spot. You know, I would say, you know, I won't guess in terms of beyond 50. We're at 30 now, we're on our way to 50, and as we think about opening up that fourth line, it'll start with handling the more complicated configuration airplanes so that Renton can be very predictable and very reliable. It's gonna create that opportunity over time to fulfill the demand of the skyline. I mean, there's 3,600 737s that are in the order book. It's a lot of airplanes that we're gonna work hard at to deliver. Having a fourth line is gonna give us the option to do that very, in a very disciplined, very predictable, in a very stable manner. We think it bodes well for both the near term as well as for the long term as we fulfill that big order book. Got it. What kind of rate do you think you might be able to support on a sustainable basis if China comes back and, you know, the MAX 7 and 10 are both certified? Yeah. Like I said, I'm really looking at the 50 and how we get to the 50. I don't wanna guess beyond that, other than reminding everyone that there's a lot of airplanes that we have to deliver and, you know, we have a market that continues to be robust for growth. Mm-hmm. Won't guess, let us just be really focused on trying to get from where we're at to what we project as 50, and then in the, you know, at the right time, we'll talk about beyond that. I think all of the indicators bode well for long-term demand feels good, is all about our requirement to execute and with a supply chain that over time we expect to stabilize. Not there yet, but, you know, in all likelihood it will, I think that that's gonna benefit the industry. Profitability on the 737, one of the things that really impressed me about your Investor Day was, A, I think you talked about you have enough people on board today to do 38 per month. It's just that you gotta train them 'cause they're less experienced. Then we walk through, you know, this automated wing FAD line, and looks like there are no people, it's all machines doing it. Then you're talking about it takes as many hours to take a plane out of the inventory and get it ready to deliver as it does in terms of final assembly. I put all that together and I think, wow, there's got to be enormous fixed cost and upside cash leverage. Talk a little bit about, you know, the 737 cash margin trajectory you think you might achieve. In the near term, they'll be pressured, because of we're working through the rework and all the things that we need to do to liquidate, you know, around 250 airplanes. We also have some customer mix that will work against us. Over time, as we begin to move through this recovery period to where we get to this steady state, we expect those 737 cash margins to look a lot like they did in 2018, and it'll be underwritten by, you know, being able to do it in a very productive fashion and getting a lot of these things that I mentioned early on behind us. It's very clear we have to go do in the next couple of years, and we do think that those margins will get better and we expect them to look more normal. Got it. I mean, as you look at it, does it look like it's kind of a straight linear line of improvement? Or, I mean, it's not absolutely linear. Yeah. Can you see any point at which, well, we're gonna be struggling until point X, and then it should take off? You know, my expectation is that, you know, year-over-year it'll be better. There will always be lumpiness within the months and the quarters for sure, but, overall the trajectory will be, momentum. Mm-hmm. Right? Just by sheer nature of the inventory liquidation is gonna start to subside, we're gonna get it behind us, and then we're gonna be able to ramp the rates. Mm-hmm. I think all that is gonna happen over, you know, a period of time where while within a year lumpy, but over time should be a pretty good-. Mm-hmm. Progression with momentum getting better and better. One of the things is kinda getting the 250 planes in inventory out the door. I mean, you talked about being at 7 a month in terms of dealing with those. Can you get that rate up? Because otherwise, it's gonna take a long time to. Yeah. You know, we can. Mm-hmm. Part of it, remember, 138, are airplanes that, have been designated. Right. for China. Right. There's around 30 that are -7, -10. Right. Those are ones that just, it's a, it's a function of the certification. There are some unique components in there. Right. that don't allow you just to do, you know, a monthly click. Right. We do think that we know the two big things, being China and the dash 7, dash 10, that as soon as we get more clarity, we understand where they're gonna go and how we can then, you know, move. And the good news is that we have a labor force and a production system that's gotten much more steady and stable at doing this. I mean, they could do 11, 12. Oh, okay. They could do. Mm-hmm. It's just that when you look at the opportunity set in front of us, you just, you're starting to run out of airplanes to work on because you haven't yet gotten the dash seven, dash ten, and you haven't necessarily gotten 100% clarity on the ones in China. Got it. Those are the two things that create a little bit of lumpiness. Right. They've gotten much better with it in the last year, and they can do them once they get the signal. Got it. Turning to the 787, you've guided 70-80 this year, second half weighted. What does that assume about the 100 in inventory? How many of those can you move out? Yeah. The 100 will go, virtually all of it will go between this year and next year. We'll liquidate those airplanes. Again, that statement of work is very clear, and the teams are structured around making that very predictable. I think that that will sort itself out between now and next year. Can't wait for it to get behind us. Got it. How's the move to Charleston going, and where are you as supply chain has been I think a bigger problem on the 787. How are you doing on those two issues? The move to Charleston has gone extremely well. There's a very strong team and a very resilient workforce. You just imagine what they've gone through with the 787 over the last 18-24 months. Very, very capable, very proud of that team. In terms of where they're at at the moment, you know, we had been operating at around 3 per month, and then, the supply chain has been firing at 3 per month. As it pertained to final assembly, we've had to take a little bit of a pause in that area in the near term to make an adjustment so that we can get the Spirit fuselage in a spot where it's more predictable. Mm-hmm. The teams are working hard at that. The collaboration team's very strong, and our expectation is that they will get back to that 3 per month, and then as we move through the course of this year, be exiting the year more closer to 5 per month. Of course, the next step will be getting to that 10 per month by the 2025, 2026 timeframe. None of that's changed. We're very transparent with our supply chain partners and, you know, while there has been this near-term adjustment, confident that we're gonna work our way through it. Is the adjustment because of a quality issue to meet a quality spec or just basically getting the work done? Getting the work done. It's as you think about all the requirements that we have in the airplane, post the re-entry and the scope of work that has to happen, it's intense and we're helping them. We've got engineers and lean support in their factory to help assist. It's just getting the work done. Got it. You've talked of 787 cash margins reaching new highs as the delivery mix shifts to the dash ten. Overhead improves as you consolidate in Charleston, excuse me. What's the likely cadence of that ramp? You know, similarly to the 737 question- Uh-huh. It will get better over time with some lumpiness as we move from where we're at to where we wanna get to. There is, those cash margins will be better than the 2018 timeframe, mostly for the two things that. There was one thing you mentioned, an additional thing is the dash 10. Mm-hmm. is gonna be Right. very helpful to the margin profile, as well as this benefit of consolidating in Charleston. All that's very real. We still have very good line of sight to that happening, and right now, it's just getting from, you know, through the 2023 and 2024 timeframe, again, liquidating inventory, ramping those production rates in close partnership with our supply chain, tier one, through tier two and three, in order to all make that happen. You know, still feel like, it's ours to execute. That, I guess what you've talked about, if you get rid of 100 in inventory by year-end 2024, so we're talking about 4-5 a month? Or is that gonna be accelerating as we go? I think that's probably. What'll happen is, between the first half and the second half of this year, you'll probably see more out of inventory and production as we get more confident in getting back to 5, is likely the way that's gonna work. And then it will be also a function of our customer fleet planning. It's in the ballpark. Still feel confident that, one, it will get inventory liquidated largely over the next 2 years, and then you feather in a production rate ramp to get to 10. Nothing's changed, and a lot of teams working very hard to make all that happen. I assume from the way you're talking about it, we should assume that deliveries well, increase as we go over, as we go through the year. I know normally the third quarter is a little bit lighter than the second, and then the fourth would be the strongest. Yeah, that's probably the way it's gonna work. Got it. Where are we? We talked about certification. We haven't talked about certification. Where are you with the certification of the Seven and the Ten, and where are we with the 777X? 7's first and, you know, working very hard with the FAA and our teams. Can't and won't predict a timeline of a date certain, but a lot of activity and a lot of confidence that that will get done this year, as opposed to the 10, it will be after the 7. Again, there's another level of intensity with that in terms of all the requirements to get that across the finish line. We know what it needs to happen. We got resources on it as well as our FAA partners. Again, they're gonna dictate the timeline. On the 777X, you know, similarly, you've got a lot of teams marching down the priority so that we can get that entered into service in the 2025 timeframe. I think our lesson learned is that the requirement and the intensity around getting the certification with our regulators, it's different and we acknowledge it, and we are resourcing for it, and we're being very patient, as we should be with their ultimate decision to certify, cause that's their job, and we're gonna do everything we can to support and help them. I can't control it. We are putting every resource you could possibly think of, and there's been real no change in terms of our expectations as we talked about as recently as last month. I think we're still staying the course. Got it. Okay. What are we, what are the key drivers? You know, we look at BCA margins as they go to 25, 26. What should we think about all in, what the key drivers are to get us there? We said low double digits-ish was we kinda talked about and how we get from here to there, it's really gonna be about the rate ramp in terms of going from 31 to 50 is gonna be a big component on it. Eliminating this, these dual factories, dual production systems rather around the 737, the 787, so they can kinda you know, retire. Those are the two big things for BCA. Again, things that we control, things that we know we need to execute on. There's not real, you know, things that we don't have line of sight to. We have good confidence as we start to march forward. Again, that's getting back to what they used to look like. It's familiar territory. We just have to go run the play. Got it. Turning to BDS, T-7, MQ-25, presidential aircraft, they're still gonna be in flight test or LRIP into 2025. They're all fixed price. Like how worried should we be that these guys are gonna bite us a couple more times? As you know, last year, we made a pretty big step to de-risk, those plus a couple others that you didn't mention of these fixed price programs. While you can never eliminate risk, we did our very best on the very big assumptions to retire as much risk as we could, and we feel very good about where we are in terms of those products, and we can't wait to deliver them to the customer. Perfect products. I, you know, you never can say never, but we did thoughtfully and deliberately retire some pretty big risks. Got it. As we look at its potential, I mean, what's the international sales potential there? Secondly, what about new programs? I mean, there are a couple, NGAD, there are other things. Are there any major opportunities that kind of could give you a big new driver program? In terms of the overall environment, we're working very closely with our allies and NATO partners around the world as they start to prioritize security. It's a good signal for all of us, how that manifests itself in terms of appropriations and actual spending approvals, you know, wait to be seen. Feel really good about Germany, the Chinook order, and Poland Apache order. Largely speaking, in the environment that we find ourselves in, I think our portfolio lines up pretty well. On the surveillance front, you got the P-8. On the fighter side, you got the F-15EX vertical lift. You know, I mentioned a couple there. Missiles and weapons is another area that our product set lines up for what the issues are that customers around the world will need. Now we're patient in terms of how quickly that comes, but we do have a sales force all around the world, very close to our customers to make sure we're getting involved with every opportunity that we should be. Overall, I think that feels pretty good, but we're still talking about an expectation that's gonna be, you know, a slow growth business, right? I think right now, you know, I wanna make sure we don't get too far in front of ourselves. In terms of other programs, you mentioned a really important one, and that's all we can talk about. Okay. As you know. You know, those kind of proprietary opportunities are there. You know, we've got great capabilities in-house, and, you know, we'll be competitive is my guess. Other than that, there's not another breakout that I can think of. Mm-hmm. I think we just got to run our play for the portfolio that we have in place, get through our fixed price development programs and deliver those to the customer. Then, of course, the other proprietary stuff will sort itself out. Right. One of the surprises last year was your German Chinook win. I mean, basically, the competition basically had been the incumbent they had with CH-53K. They have a new product, seems like a shoo-in, you guys come out of left field. Are there any other kind of area, you know, big buys out there where you guys could be a surprise winner, where we would kind of have written you off? You know, I don't think so. I gotta be a little careful. You know, you win some, you lose some, of course. Mm-hmm. Overall, I think that where we line up, around the world, we feel really good about our portfolio and, we wanna go win it and win it in a way that's good for our customers, good for the warfighter, and good for our investors, too. Mm-hmm. That's an important component. We'll get better and better at that, but I can't think of any one particular campaign that would be big enough to draw the attention of a, of a, of a take. Got it. At one point, your predecessors talked about BGS going to $50 billion. Is that still a reason? Is that still anything that's around, or how should we think about that business? No. Okay. No, that's not in the playbook. Okay. What I will tell you, though, I've had experience with this in a prior life in the aviation world, the services franchise is incredibly powerful and incredibly important, and we wanna grow it. We've got a great leadership team. As long as we can grow, and we wanna make sure we resource for growth. The growth has gotta be accretive to profit, and it's gotta be relatively capital light. Having been in the world before, you can chase revenue and really regret you did, and it wouldn't be good for any of us as investors. I don't wanna constrain them, but I also don't wanna set unrealistic goals and just keep on growing. If they grow mid-single digits and they continue to do, mid-teen margins and a very high free cash flow conversion, that's a very good business, and we like it. Why shouldn't they grow near term better than mid-single-digit margins? Air traffic is coming back, prices are going up. Well, it did last year, right? Right. It grew real fast last year, and I'm just cautioned to make sure that, you know, you gotta be careful that that commercial recovery we did see the benefit from, and it's not gonna be quite as frothy as we saw it last year. Yeah, sure. Look, I, you know, that team obviously is gonna grow for numbers that are faster growth. In terms of planning the business and what we wanna expect from it and the associated cash flows, we think we've got it lined up perfectly. If they can go resource to go do better or do an adjacency and grow another part of that franchise, we'll support them. We'll support them. They will not be constrained. The idea has gotta be ones that fit with an economic answer that's accretive and capital light. Got it. Talk to us about cash flow and the cadence of the $3 billion-$5 billion that's in. First quarter will be a usage based on the timing of the year, bit seasonality, mostly tied to deliveries. You know, second quarter will be better. The second half will be, you know, powerfully better in terms of generating free cash flow to get to that 3 to 5 range. Very similar to similar profile to what it looked like in 2022. We still feel pretty good about the line of sight to that. Got it. You've got a lot of cash sitting around. How should I think about your kind of debt retirement plans? We ended the year with $17 billion, and in the first half, we have $5 billion in maturities, and we have high degree of confidence and comfort that we'll be able to satisfy those maturities as we get through May. As the business model starts to, you know, perform and we get through that period of getting to our full year expectations, you know, that'll open up opportunities for us. I just wanna get through the first half. I feel better and better about it. I feel more and more confident. Then, of course, you know, satisfying those maturities, you know, that investment grade rating and then the ability to get even better over time is something we're very focused on because this is, and I'll be repetitive a bit, this is about generating cash flow and paying down debt. It gets, it's couldn't be more straightforward, and every month that goes by, we get more and more confident about that. I think the fact that we have, you know, the level of cash we do on hand just gives us that firepower and confidence that all will shake out as we get into the course of this year and into next year. Like we're, like where we're at. Got it. Your goal of $10 billion by 2025, 2026, what are the key moving pieces we should think about, and that gets us to the bridge to $10 billion? Sure. First, BCA. BCA will have meaningful improvement from where they're at to where they're gonna get to, and it'll be driven by the production ramp that we've described, and it will be also this retirement of the inventory production systems. Very meaningful productivity that will occur over that period of time that will generate that additional cash flow. BDS, similarly, you know, the expectation will be the timing of some of the charges that we're taking will be behind us in the associated cash flow. They'll start to, you know, accrete towards higher, high single-digit margins, and the cash flows benefit that will come with that will be as contemplated in getting that to 10. Again, that is what it's always looked like, and we expect it to look like that as we get out of that planning period. Again, execution and getting those margins for that 85% of the portfolio that's legacy that should and could and will perform better. They of course, have their own supply chain constraints that they've been dealing with, so they just have to work their way through it, but, you know, a path. Then of course, the services business will, you know, get marginally better. Then offset by that BDS and BCA productivity and production ramp benefit, we are gonna have the 777X drag. We are gonna have a cash cap profile that will begin to look more normal, that'll go against it, and we'll invest in R&D as we go to that period of time. The good news is that as we think about going from here to there, we have line of sight, and we just have to go execute. We just have to go execute. There's no what-ifs in there. It looks like, you know, everything kind of improves sort of sequentially as we move forward. 777X, I mean, if you deliver in 25, do we get a nice swing in 25 that starts to become an incremental plus? I would put it probably just beyond that, right? Mmmmh I think it's mostly because you've got all that initial early production, financial impact you gotta put behind you. Look, I've got a ton of confidence in the 777 family. We have confidence in the 777X. As we begin to work our way through from a development program to production profile, yeah, the cash flows are gonna get better over time, for sure. It's just that, you know, we understand that there is gonna be this moment in the early part of the program as it just gets started that we've contemplated as gonna be a usage in that $10 billion, and it's contemplated. I think that's the most important point. As we get outside of that, of course, those cash flows will get better, and those benefits will accrue to all of us. Terrific. Hey, this has been fabulous. Thank you so much. Really appreciate it. Thank you.