I think we're ready to go. I'm Doug Harned, Bernstein's Global Aerospace and Defense Analyst, and I'm thrilled to have with us again, GE Aerospace's CEO and Chairman, Larry Culp. Larry's got a few things he's going to take us through, and then we'll go into the Q&A. Great. Doug, thank you. Good to be back. We always enjoy this conference. Not only is it well-timed, it always seems to be an opportunity to get out of the details of the quarter and really talk about what's distinctive and unique about GE Aerospace, both today and as we think about the business going forward. As Doug said, I will run through a few slides here, and then we can get into Q&A. Just to level set everybody in the room, GE Aerospace today, last year, $42 billion in revenue. People think of us as a hardware business, but we really are a services play. 70% of revenue coming from the support of an installed base that is 80,000 engines large, cutting across both commercial and defense applications. We're really proud of that. We're out there with customers day in and day out. You couple that with the fact we've got $210 billion of backlog, $170 billion of that in commercial services. We really think that we're out there in all the right places, well-positioned not only to support the customers, but to grow our business and generate returns for shareholders for some time to come. How do we do that? Very simply, our strategy is focused on today, tomorrow, and the future. We think about the challenge and the opportunity really being running at three speeds at once. It would be no surprise to anyone in this room that the airlines are working very hard to make the most of the fleets that they have today. All the while, the airframers are looking to ramp production rates to help expand and modernize those fleets. That has us very busy today. The airlines really aren't going to change course. We don't think the airframers are either. I know Kelly Ortberg was up here a moment ago. Whether you're talking Boeing, Airbus, or really anybody else, tough to get a slot anytime between now and 2031, 2032. We need to make sure we're preparing ourselves for tomorrow as we work those dual ramps in commercial. We'll talk a little bit about our defense business. The same thing's happening in defense. There's a lot in that regard. All the while, we cannot waste a day with respect to investing in developing the technologies that will define the future of flight. That is really core to our purpose. It's core to our strategy, again, on both the commercial and on the defense side of things. We talk about FLIGHT DECK, that's our proprietary lean operating model. That's how we translate strategy into results, whether we're talking about our operating results, our financial results, our strategic breakthroughs, what we refer to as Hoshin Kanri, and maybe most importantly, the culture that we're looking to build and sustain over time. We think the right culture is what will undergird outstanding results. If we look at what FLIGHT DECK has enabled us to do, there's probably no better proof point than the chart that you see here, both with respect to commercial service revenue growth and total engine deliveries. You can see in the first quarter, both were up about 40% year-over-year, but really building on a very strong sequential and year-over-year trend. What FLIGHT DECK allows us to do with that maniacal daily focus on safety, quality, delivery, cost, in that order, is make sure that everywhere in our operations, be it a manufacturing facility or a repair shop, that we're looking to reduce all of the muda, all the waste, so we can improve cycle times and improve deliveries. A lot of ink has been spilled on supply chains. Supply chains have certainly been a challenge for us. We've used FLIGHT DECK at the same time to go in and really do deep technical, collaborative problem-solving with suppliers you might own, suppliers you will never hear of. That has really enabled us to unlock capacity and generate better flow, which in turn feeds our facilities, which allows us to ship new engines to the airframers. And allows us to complete shop visits, deliver spare parts to third parties as well in the aftermarket. That's really, I think more than anything, where you can see FLIGHT DECK in action at GE Aerospace today. When we announced first quarter earnings back in late April, one of the things we said is, we'll see you at Bernstein. Again, a little bit of the reason we think this conference is so well timed, because we were dealing with the situation in the Gulf. We had a very strong first quarter. Talked to everyone at the time about how we were leaning toward the high end of our range. We held the range by and large because we just didn't think it would be good form given the uncertainties in the Gulf to do so. If that were not the case, if we didn't have active combat, we clearly would have done something with the guide. The update that we would share with you this morning, I think on balance is actually quite positive. None of us know how things are going to play out in the Gulf, but if we look at parked aircraft, and that's important to us because that's a leading indicator of retirements. We actually have seen parked aircraft decline in numbers, not only here in May relative to April, but we're down from where we were at the beginning of the year. We think that's a good sign. A bow wave of retirements we do not believe is looming. Maybe most telling is while we were very pleased with the 30% growth that we saw in our spare parts orders when we were together at earnings through the first quarter, we've actually seen an uptick. What was 30% before the last 60 days or so has been closer to 40%. No real slowdown in terms of what airlines are doing, what third-party shops are doing with respect to spare part procurement. It's one thing to have the spare parts, but you need the engine to do the work. What we have seen is a continued growth in the engines that are being taken off wing. Not yet even inducted in one of our shops or one of our third-party partner shops, but getting ready to come our way. We think the airlines are continuing to invest and prepare for whatever is on the other side of the current situation. We're well positioned in that regard. This is probably the most important slide that we will share with you in the course of the opening remarks here. You really think about GE Aerospace, what makes this franchise unique really is the experience and the investment envelope that we have. 2.3 billion flight hours, an unparalleled amount of experience. With a $3 billion investment spent every year, we continue to invest in the technologies of the future. I won't take you through all the platforms on this chart, but suffice to say, seven new engine platforms over the last 20 years. A lot of learning, one generation to the next, and the lines aren't straight. Narrow bodies don't always leverage narrow-body experience. Wide body is the same. We'll, if you will, cross-pollinate all the experience we can in terms of material science, in terms of durability in hot and harsh environments to make sure what comes next is even better than predecessor platforms. That is really the heart of what we are referring to when we say the future of flight, whether we're talking about RISE, our technology development program for next generation narrow bodies. Let alone everything that we're doing in adaptive cycle engines, which really are at the heart of sixth-generation combat jets. The investment and the experience that we have at GE Aerospace, we believe, allows us to position ourselves very well, again, not only for today and tomorrow. But ultimately for the future. I'm going to spend a couple of minutes just giving you a quick update on where we are with our key platforms. The workhorse of the industry, as I'm sure many here in the room know, is the CFM56. What people, I think, need to keep in mind is while this is maybe not only the largest fleet out there, it is still a young fleet. I say young, the average age of the fleet today is about 15 years. About 30% of these engines have yet to see their first shop visit. While we think that we're going to see after 2028 a modest decline in the number of shop visits. This is still a critical engine all around the world. It's one thing to have shop visit volume, but clearly to keep the revenue and the profit profile stable, work scopes and price come into play here, and we really have seen very little to suggest that work scopes will come under pressure. Again, in large part because of the age of these engines, some of which haven't seen a first shop visit. I think over half haven't seen their second shop visit. There's still a lot of runway here, runway that we're well-poised to serve. If we go to the other piece of our narrow-body portfolio, the LEAP engine, clearly the fastest-growing engine platform in the world. We're going to see this installed base double in size between now and 2030. That's going to drive shop visits that will grow at a 25% annual rate, and shop visits that will be, frankly, more impactful for us as we go forward. We're going to be moving structurally from basically early quick-turn shop visits to something that's more of a performance restoration visit, higher calories, higher dollars in that regard. We will continue to push repairs more rapidly now that we're in this point in the cycle. That will improve the overall economic profile. We'll be doing more with third parties as opposed to seeing these shop visits in our own operations. That's an opportunity as well for us to improve the profile. That's before we see the full impact of the post-launch pricing in a number of our aftermarket contracts. There's a lot here that we're encouraged by, and as you get out to the far right on the slide, you see in 2030, the profit dollar contributions between the two narrow-body platforms will be roughly in the same neighborhood. A lot still to play for with the CFM56 LEAP, very well-positioned in a similar fashion. We go to wide bodies. We don't talk a lot about our wide-body platform, and I'm not quite sure why, because this in its own right is a really strong business. We have 55% of the commercial departures in the wide-body sphere today. We've got the fastest-growing wide-body engine in the GEnx. We will see that continue to grow. As you see on the slide, we're winning over three-quarters of the jump balls on the back of the Boeing 787, and we continue to believe this is going to be an engine that will win in the marketplace. That gives us an outlook to grow our shop visits in the high- single digit range. Not unlike what we are seeing with the narrow- bodies, we think the structural progress that we're going to make with the new engines advancing toward more higher-calorie shop visits like the GEnx, and the stability in the CF6 and the GE90 bode very well for what we're going to be able to do in wide bodies. You put all of that together. You've heard us in other settings talk about a top-line double digit trajectory over the medium term for our commercial services business. There's no reason that, as we sit here today, we see any real change in that regard. We'll probably be the mid-teens or better here this year, given what we've seen so far. Very encouraging in that regard. Again, it's really a function of seeing the installed base grow as airlines look to expand and modernize with deliveries outpacing retirements. At the same time, that volume getting leveraged in large part through FLIGHT DECK, work scopes structurally working for us in a number of ways, and again, some contribution from price. You put all that together, we're going to have a very good 2026. At this point, given what we know with respect to 2027, we think we will see growth very much in line with that medium-term outlook. Continue to watch current events. In terms of what we see on the part of our customers, what we're seeing in terms of our own operations, feeling very good about the current environment. Doug, you were with us last Tuesday up in Lynn, Massachusetts, just North of Boston. We had about 30 investors in the house for a half-day deep dive on DPT, our Defense & Propulsion Technologies segment. If we don't talk enough about wide-bodies, we certainly don't talk enough about our defense business. It's a business we're very proud of. $12 billion in size, a 30,000-engine strong installed base powering 2/3 of the U.S. and allied jet and rotary fleet that's out there today in a business that we think is going to grow. Not only because of the platforms we serve, both rotary, the Black Hawks, the Apaches, but also fighters in terms of not only new units and sustainment revenues. But 30% of this business is in international markets, whether we serve that through foreign military sales or by way of our Avio Aero business in Italy. What's really neat here is we've got platforms like the F110 and others that really give us the opportunity to go in and support a number of the indigenous developments that are going on around the world, be it Sweden, be it Turkey, be it India, be it South Korea, well-positioned in that regard. Doug, when you were there, and others, I think there was ample evidence of how FLIGHT DECK is helping us drive not only better output but better productivity across not only the Lynn campus, but the business at large. Again, as I mentioned earlier with respect to the future of flight, everything that we're doing, not only to modernize and upgrade the Black Hawks and the Apaches with the T901 platform, but all the sixth-gen activity, we really think that we're well-positioned in that regard. We're not wed exclusively to the so-called exquisite platforms. The folks that were with us got a deep look at what we're doing in terms of lower-cost platforms with some partners like Kratos and Shield AI. Interesting opportunities without question, but also frankly infusing a different skill set in our organization. We have incredible engineering capability. Sometimes that can come at the expense of cost positions or ramp rates, and having some disruptive partners in the room really is conducive, I think, to making sure that we're providing the technologies and the options that the customer wants at both ends of that spectrum. Then I was just to wrap up here, this is a slide some of you have seen before, but in terms of the key value propositions for investors. We really do think it starts first with that 80,000 strong installed base. That's the ballast in this ship. Our performance in both commercial and in defense applications delivers the highest operational reliability out there. That, in turn, makes us, I think, the preferred platform under virtually any wing in the marketplace. 2.3 billion hours of flight experience coupled with $3 billion of R&D spend annually really will position us well to continue to define the future of flight. It all has to be operationalized to make sense, right, for both customers and investors at the end of the day, and that's where FLIGHT DECK kicks in. A lot of good things happening at GE Aerospace, and Doug, maybe we'll leave it there and go to Q&A. Okay. Great. Thanks, Larry. You talked about looking at the impact of the high fuel prices today, and that so far you're still not seeing any real negative impact. Can you give us a sense of how you're looking at Q2 right now, given that? Yeah. Well, certainly, I think we have seen, and you've written about this, departures have softened here over the last eight weeks or so. I think we're looking here today at departure growth being relatively flat. I think we feel very good about the second quarter. Again, largely because we have really seen no operational impact, no commercial behavioral changes on the part of our customers. Now, we knew we were going to have a strong second quarter just given the sheer backlog, both from a new make and from an aftermarket perspective. Again, the reduction in parked aircraft, continued strength in spare part orders, removals continuing to be strong, and frankly, the FLIGHT DECK progress that we're making, particularly in our shops, allowing us to complete more shop visits more rapidly, get spare parts out the door. I think we feel very good about where we are here in late May. Now, the concern that we have had has been not so much the near term. At least our understanding is for, say, CFM56, you've got more than 12 months backlog of shop visits. Yeah. You've got a lot of support there, huge demand. Our concern has been that if this extends, that you could start to see some airlines get into financial trouble. Be cash-strapped, have a difficult time getting an engine induction or even paying the way through. Yeah. Can you help us understand kind of the process here? If you imagine, say, can pick a developing market, low-cost carrier type of a situation where they could get hit, not have the cash. What is the process you go through to deal with that if they flat out can't pay? Well, there's a lot of muscle memory built up around just that question, right, which I think is centered on the creditworthiness of any airline. You could pick a large airline in the West at a developing or emerging market startup. Yeah. LCC or ULCC. That's not something that necessarily started six or eight weeks ago, right? That's an ongoing conversation for us. I think that we're not so concerned about that, at least with respect to 2026. Again, as I showed on one of the slides, I think as we look into 2027, given what we know today, we think we'll be up double digits in the aftermarket as well. What will happen or what has happened in the past is if there's a restructuring underway, we will work with the airline. If there's a lessor involved, the lessor will certainly work with the airline to make sure that if there's anything in motion, either off wing, not yet in the shop or inducted. That we're covered in the short term to make sure we get paid, right? At the same time, we want to be constructive relative to the restructuring that's underway, because at the end of the day, we'd like to see those engines, those planes back in the air. We've seen even here recently evidence that airlines can go through that process and come out on the other side flying those engines. Again, more often than not, given that we fly three quarters of commercial departures on a daily basis, those are going to be GE Aerospace engines. If an airline got into a real pickle, right, and it was more of an insolvency situation. Again, in large part because of the role the lessors play, those assets will find a home. At a time when lift is constrained, what we have seen in the past, and we've seen this even before the most recent environment, those engines, those airplanes find homes. We think that would continue to be the case both in the narrow- body realm, Doug, and in the wide- body. Worst case, think an engine could get parted out. We'll see if that plays out. We've talked in the past about some of these emerging power gen applications. Yeah. That could sponge up some excess if that exists. Given how tight things are, that's not a big concern for us at the moment. Is there any timeframe that you worry about? As I said, we're not too concerned about the next 12 months. But when you look at this as it extends, are there customers that you deal with, and they're going, we go in at these kind of prices, and if we have cash difficulties? Sure. Next year, 2027, 2028, can we plan for that? Yeah. Well, again, I think we always try to be on watch with respect to credits. Yeah. And our credit profile in the best of days and the worst of days. There's always going to be a top five, top 10 watch list. Not going to let you know who those names are today. Yeah. Anybody providing credit's going to do that. Again, I think with respect to our business, if that were to happen, let's just say in a relatively benign way, a restructuring. It's hard to think that you're going to have many of those before the back half of next year or into 2028. Yeah. You say 12 months. Some people say 18. Yeah. I don't think I can put the dart right on the bullseye. I think it's out there a good ways. One of the things we've looked at this and tried to model, what the demand is, say for CFM56. What we have at least estimated is demand that's well in excess of kind of the 2,300 or so shop visits you have. Yeah. Which has the effect of pushing that shop visit profile out to be kind of stable at least through 2030, which is a long way. That's kind of what I'm getting at. Yeah. To get a high multiple and everything, people are looking toward that, right? Oh, sure. We understand that. Again. Yeah. Part of what we wanted to do with these prepared remarks is just remind everybody we're more than just a CFM56, right? We're more than just a commercial play. That said, we've talked about relative stability in the 2,300-2,400 range in terms of shop visits for the CFM56 through 2028 with a slight fade with content and price picking up any volume pressure. Yeah. Which gets you to that profit equivalency with LEAP in 2030. Is that a conservative assumption on our part? We have gotten wrong, the CFM56 peak the last couple of years because we keep pushing it out. Well. Plan conservatively. Well, one time the peak was supposed to be 2016. We sort of made it through that. Yeah. Well, that's where your experience predates my own. Okay. Speak to more recent times. I think as long as that continues to be the workhorse and there is demand given what the airlines are trying to achieve globally. Yeah. We're well-positioned. If you go to the place where the demand is extremely high, which is on the LEAP side. Yes. When you look out toward 2028, 2029. At least as we understand, you're doing a lot of work. You've more time and materials contracts, different kinds of contract structures. Should we be able to see those LEAP aftermarket margins start to approach CFM56 type levels in that time frame? I think what we've said, Doug, is in the aftermarket, we went profitable in 2024. There's a lot of goodness to come from the doubling of that installed base and that 25% compounded growth rate around shop visits. It's not only the volume per se, but it's what FLIGHT DECK allows us to do, right? We just get that many more reps to reduce the excess cost, be it labor, be it material, be it overhead, in the completion of those shop visits. At the same time, as we build the third-party network, that profile becomes more spare parts as opposed to spare parts and the work that we do in our own operations. Repair, again, will become a more important part of our cost structure, and when we talk about repairs, what we love about repairs is it not only gives us, frankly, a lower cost bill of material, it frees up capacity that allows us to ramp. If we can repair a part rather than use a newly made part, that newly made part can go into a new engine, it can go into a shop visit, where maybe we don't have that repair option. That's all before we talk about beginning to see the benefit of the price moves that we've made, particularly as we've gone post-launch. When you go back to the mid-2010s, we were in the process of launching LEAP. We did a number of things that you always do when you launch. Coming out of the pandemic, there was a desire on the part of customers, understandably, to relaunch. We didn't necessarily do that, but we haven't seen, given the long tail nature of some of these contracts, seen the full benefit of some of that price action. We really like where we're headed with LEAP. A lot of work certainly in front of us, but to think that in 2030 we could have a profit pool around LEAP akin to where we are with the CFM56 in that same time period. We think that's a pretty exciting part of the value proposition for investors at GE Aerospace. Now, if we go over to the OE side, you mentioned if you can do more repairs, you have more parts available for OE. Can you update us on the outlook for OE deliveries right now? I think we feel pretty good about where we are in that regard. We were up 63% in the first quarter with respect to LEAP deliveries. Wide bodies were up over 25% with the GEnx, which is really the growth vehicle there, up even more. I think that that's not something we can take exclusive credit for. You had my friend John Plant up earlier. The last couple of years, we've really tried to move away from what I would describe as a bit of an industry paradigm at times. Where folks like to finger point and negotiate in public. I have never seen in my career that unlock real capacity, particularly at a time of post-pandemic stressors t hat are out there. We've used FLIGHT DECK, and we've gone in with some great partners like Howmet. To really make sure we've got our best people at the stove face on the shop floor, identifying where those bottlenecks and constraints exist, and doing everything we can, both short and long-term, to address those. Doesn't mean we're not writing checks for CapEx, right, to make sure we've got adequate physical capacity over the medium to long term. Here and now to support Kelly, who was just up here, Airbus, and others, that is really how the game gets played. And I think, for us to be able to have eight quarters now where we've been driving continued improvement sequentially in our inputs, again, from the Howmet of the world and from the folks you'll never know, I think is the foundation for us to continue to drive increases in what we're doing with the airframers. We've said that for LEAP, we'll be up 15% this year. That probably looks somewhat modest given the very strong first quarter that we had. But it's not the only thing that we're solving for. As we look into 2027, 2028, every platform airframer's in a slightly different place. Make no mistake, we are completely committed to making sure that Kelly and company, Guillaume and company, and others, have everything they need to step forward. Yeah, on Guillaume Faury and company, last year, they were fairly public at Airbus about wanting more from CFM. Yeah. This year sounds like things have come together. Can you describe how things have evolved? Well, I know they still talk about engine manufacturers, just not us, which is good. I think if you look at the evolution of our relationship with Airbus. I give somebody that you know and some of the audience may know, Christian Scherer, the recently retired Head of Commercial, a ton of credit. He's just one of the best people I've met in this industry. Christian said, we have got to get away from the arm wrestling, the negotiating, the finger-pointing. You don't get the best of us, and I know in my heart of hearts, we don't get the best of you. He set an incredible tone at the top. I'd like to think we met him at least halfway, if not more so, and it just allowed us in an Airbus construct, again, to make sure we weren't posturing, we weren't negotiating, we were problem-solving. There is a fundamental difference when you are in that mode, right? It requires a level of trust, it requires a level of transparency, which I really think has helped the organizations. Lars Wagner, his replacement, very committed to operating in that same way. That said, Doug, we hit a dry patch with a supplier. We're short some quarter in the future. I'm sure you'll hear about it with attribution. I think we're in a very different operating mode, that's my point, with Airbus today than we were three or four years ago. Again, I give Christian a ton of credit. Can you talk also a little bit about the wide- body side, the GEnx. Yeah. How you're seeing that growth from an OE standpoint? Yeah. I mean, Kelly just talked about rate ramp. Well, we look at where we are today, right? Winning over three quarters of the opportunities on that platform, that's a winning wide- body platform, without question. We really like where we're positioned in that regard. A bit like what we were talking about with LEAP earlier, we're going to have to continue to push our output growth. We were up over 25% in the first quarter. Boeing will take every engine that we can possibly deliver, right? Yeah, I mean, that's what I've heard. They want more. Well, they need more, but you go down to Charleston. Yeah. I happen to have been in Charleston over the weekend. They've got planes, with engines haven't yet delivered. There's that. There's no question that we want to make sure in Charleston that they've got an engine every time they're ready to hang, right? It's not just how many engines are delivered in the course of a year. At the shop floor with Scott Stocker, who runs that program down there, another outstanding person, he needs that engine when he needs it, right? Not later. We are working with the supply base. I was on with one of the critical suppliers, in fact, myself this morning, making sure that we're getting all the right engineering support at Gemba, where the real work gets done, to be in a position to step up. Because Boeing wants to step up down in Charleston, not only in terms of the current footprint, but what's coming online. Obviously, we want as many of those deliveries as we can muster. When you look at where demand sits right now, both on OE and aftermarket, I think it's unusual when you look at history to see each of those growing so strongly. Yeah. When you go down into your supply chain, including the people we've never heard of down there. Yeah. Does this combination of demand on both sides add to the stress that you have? Without question. Without question, because it's stressful for at least two reasons that come immediately to mind, Doug. One is just the sheer volume. The other is suppliers, large and small, in the aerospace supply chain have always second-guessed, right, various forecasts. The OE build rate is not the only out year number they need to focus on because the aftermarket is so important, and that's been part of the post-pandemic calibration in my mind. They've got to believe it. It's easy to say, I don't believe. I'm going to bet against that, thus I'm not going to invest. I won't put capital in over the medium term. I'm not going to bring labor in in the short term. I may not even bring inventory in. A good bit of what we've done has not only been in terms of that technical collaborative problem solving, but just building trust, building transparency so that everybody understands what we're trying to do. We've had some suppliers who have said, well, I don't believe the Boeing ramp rate. Frankly, what we've said is, let us relieve you of that. You don't have to believe it. We believe it. This is what we need, and we'll make proper arrangements. By the way, keep in mind that we might need a particular part, but we don't only need it for the Boeing ramp rate. We also need it in the aftermarket. Detach yourself from your mono focus on a Boeing or an Airbus announced production ramp rate. Understand what we're trying to solve for in the aftermarket, particularly with these installed bases doubling, and more so. It's been a significant exercise to build that trust, not always, frankly, a GE Aerospace forte, but also to be transparent so that they can plan as we plan. Yeah, because given the breadth of the supplier universe, you can't let them all come up with their own forecast. Yeah. Boeing's going to do because it just takes one to cause a problem. Yeah. One of the things I know you've focused on has been trying to at least dual source on many things, which probably gives you flexibility in that regard? It gives us flexibility, but you could end up having the same conversation twice. Okay. Right? If we need 100 of something, there's certainly benefits to getting 50 from party A and party B, but it's rarely that simple. Yeah. Right. Some people are willing and able to invest at a moment like this, at a moment of scarcity, and others, particularly given the situation in the Gulf the last two months, anxious. That might give them legitimate pause or at least something to hide behind. What we've tried to do is to just make sure that everybody understands we are all in on these skylines. We are all in on the idea that our aftermarket growth is going to be in the double digit range through the medium term. If the install base has continued to grow, if we continue to see the evolution of the content and the shop visit for the LEAP, for the GEnx as they mature. There's just a lot of demand that we as an industry need to be in a position to serve. Let's not arm wrestle over that. Let's jointly problem solve the short, medium, and long-term requirements and get after it. Looking forward, the RISE Program is one that you all have been very focused on. Yeah. Can you comment on how that's progressing in terms of, I'd say, both timeline and how airframe OEMs are thinking about it? Well, just maybe to level set everybody, when we talk about RISE, we're really talking about our technology as opposed to product development program for the underlying components of, in all likelihood, the next generation narrow body engine. There really are four keys here. Or, excuse me, three keys. One is an open fan architecture, the second is a common core. The third is hybrid electric capabilities. There's a fourth pillar there in alternative fuels. Let me just focus on the first three. Doug, I've been up to the GRC, our Global Research Center, probably twice in the last three months or so, in deep with the team. We continue to make progress on the component and the subsystem and the system developments that really undergird all three of those. We will talk about ground tests and flight tests later this decade as we continue to move forward. The airframers are well aware of where we are. We've been bringing airlines in as well to make sure they understand where we are with these efforts. I think what's really neat is it wasn't that long ago when anyone, almost anyone who came to talk to us, focused on sustainability. You could argue that the industry's always talked about sustainability because it's fundamentally fuel efficiency. True, but it had a sustainability bent. Today, for understandable reasons, customers have evolved to a much greater focus on reliability, durability, making sure that when they need the engines to go, that they're good to go. What we've been able to, I think, help people understand with the open fan architecture, it's not just an efficiency play. With the higher bypass ratio that you get from the unducted architecture, there's clearly a step function improvement in efficiency. Because you're putting less stress on the core, the hot section of the engine, which is where all the wear and tear takes place over time, you not only get that efficiency benefit, we think there's a significant durability and reliability benefit to be had as well. As my friend Jim Collins would say, it's the Genius of the AND at work. You don't have to trade one for the other. With the open fan architecture, with the advances and what we've been able to do with the common core, and a little bit of hybrid electric thrown in, we think that that's a winner. The second part of your question, in terms of timing, the airframers are trying to take care of today and tomorrow. I think they are all working on what comes next in terms of the future flight, in terms of that next generation narrow body. When you hear people talk about time frames, and we'll let them speak to their own specifics, it tends to be in the latter part of the next decade. Yeah. Those are big decisions that they'll make. We simply want to be ready with the best possible technology under wing to make sure we perpetuate our industry leadership. That's really at the end of the day what RISE is all about. Can you give us any sense when you're in discussion with the airframers, how they view this? Because it requires a lot of differences. Yeah. In the aircraft itself. How do they talk to you about it? I think they understand that we're going to need to have, somewhat like what we were talking about earlier in terms of just the near-term ramp rate mode of working. We're going to need to be much more collaborative as we think about the integration of an open fan architecture and the aircraft, particularly on the wing. When we get into that, we've done some incredible modeling down at Oak Ridge on the Genesis supercomputer. We think that's kind of differentiated capability from a development perspective. What we're able to do in concert with the airframers from a wing perspective really is quite powerful. Again, that integration will help us drive both efficiency gains and we think ultimately aftermarket maintenance. Yeah. Support. We jump over to defense. You talked a little bit about it in your opening remarks. I saw a lot up in Lynn. Yeah. Could you tell us a little bit, you're saying, I think growth, mid- to high- single digit type growth. Your book- to- bills have been particularly strong over time. Yes. How are you viewing this as, it's $12 billion today. What's the growth trajectory you're looking at now? Well, I think if we continue to build that backlog, right, and we continue to use FLIGHT DECK to get that backlog out the door, which is why we wanted you and others to come up to Lynn to see the progress we've made in a facility where we have been operating for over a century. That gives us the opportunity to be in that high- single digit range. We just know that demand is there, and that's before we talk about anything by way of an uptick in sustainment. We know we support all the platforms being currently used in various hotspots around the world. We haven't really seen that uptick, I think other than maybe on the Eurofighter yet. Come the 2027 budget, we think there'll need to be a nice uptick in sustainment. That is, again, at a high- single digit rate, really before we see real traction with the sixth-generation platforms. Thrilled the President went ahead with the F-47. Very keen to see how the NGAD program evolves to support the F-47. A number of you, I'm sure, saw the Chief of Naval Operations talk about the Navy heading toward a decision on the F/A-XX this August. A lot of what we've been doing with the XA100, more recently our XA102. Our adaptive cycle engine, both from a design readiness review which we completed last year. The assembly readiness review that we completed here recently, we think positions us well. Now, you never know until you know, right? As these sixth generations of both Air Force and Navy come forward, we're optimistic that we'll be in a position to participate. Is there any timeframe where you might expect this heightened op tempo in the Middle East to come through and affect your defense sustainment at all? I think we're saying, let's see the 2027 budget as opposed to something that's going to happen in the next six to eight weeks. We'd love to be surprised. Okay. Yeah. Certainly, operations in Avio are important in Italy, can you give us also a little bit of a picture of growth on the international side relative to that overall growth rate? Yeah. Is this faster or? It will be at least in that high- single digit range, and it could uptick. We don't talk much about defense. We certainly don't talk about our international defense business, which represents about 1/3 of our revenues there. These indigenous programs really around the world have been wonderful opportunities for us, just because the F110 in particular has been such an engine of choice. You've got Sweden, you've got South Korea, you've got Turkey, you've got India. I'm sure I'm missing a couple, and I don't mean to do so. Looking to GE Aerospace under wing as they put together not only their own local fighter aircraft capabilities, but ramp those production lines as well. We feel very optimistic about where we are internationally, both in terms of the FMS channel, but also what Avio allows us to do in Europe, not only in terms of technologies that Avio is bringing to market, GCAP and the rest, but frankly, things that we might be able to work on in between. Yeah. In Europe with U.S. technology that Avio can bring into the continent. One of the other pieces you have now on the defense side is your aeroderivative business. Yeah. We had GE Vernova was here this morning. John Plant talked about their IGT work. Yes. This is a hot area. Can you comment a little bit about how significant that is for GE right now? Sure. Well, I think that you go back a few years, we really set Scott and company up, and they've been doing a phenomenal job. For that to really be the GE play in power gen, just given the way things have taken off, there've been some innovative companies, new entrants that have said, can we repurpose the CFM56 in particular? We're going to support that. That's still evolving, so I wouldn't say that we have a completely baked strategy. If there are opportunities for folks to repurpose those platforms, particularly at this stage in the life cycle, that's all goodness for GE Aerospace. Right. That will allow us to extend the useful lives of those assets. We'll provide parts into those applications, and that will soak up, we believe, some of what may come as we get past 2028. Yeah. I like your framework, past 2030, if there's an excess of supply given retirement. Yeah. We'd rather repurpose than retire, of course. I was thinking, though, some of your aeroderivative that in-house, you do your kind of designed for aeroderivative engines as well. Yes. Supplying both Vernova and Baker Hughes. Yeah. One of our GE cousins. We really like the idea of putting it with Amy Gowder and the defense team because it's more like their marine business than it is the commercial aero business. We moved it really just, frankly, for better coherence operationally inside of the company. It changes a little bit of the profile. It's a bigger part of DPT than it would've been the commercial segment. We end up talking about it a little bit more. Given what's happening in power gen, with all things AI, it's all good by us. I think I ask you this question every year, but when you look at the landscape out there, GE's business is centered on propulsion. You have some other things, though. Yeah. Systems. Do you think about potential for expansion into more system and equipment-oriented businesses? Like a long time ago was done with Smiths. Yeah. A long time ago. Doug, I'd be lying to you if I said I didn't think about it. 25 years at Danaher, we looked at a lot of things, deployed a lot of capital. The GE Aerospace setup, I think, is fundamentally different, and I sit here today just reinforcing what we have said in the past in terms of our capital allocation priorities. We know we're in a fortunate position. We're going to throw off a lot of cash. That will more than cover what we need to support that $3 billion of annual R&D spend and anything that we might need from a CapEx perspective as we think about the ramp. We will put a lot of capital back to shareholders. We think that's just part of our value proposition for this group. There will be opportunities for us to do things. I don't think we're looking to be all things to all people. That's just not who we are. You look at what we did, we put what, $200 million of equity capital into BETA Technologies. An outstanding leader in Kyle Clark. We think a highly innovative company focused on some applications in the near term that will fly. We've done some smaller things in and around DPT as well. We're going to look to fortify our existing positions first and foremost before we go far afield. That's served us well thus far, and there's plenty of opportunity for us to stay close to the core, I think, as we look at the foreseeable future. Okay. With that, let's wrap it. Thank you, Larry, very much. Thank you, Doug. Thanks, everyone.