Welcome! It is my privilege to be here in front of you today at the New York Stock Exchange for our Investor Day. Thank you very much for your attendance and your interest in KBR. We've been planning a fantastic event over the last couple of weeks or months, so I'm excited to get started. Before we begin, a few reminders for you. In this presentation, we will be sharing forward-looking statements. Forward-looking statements are subject to risks and uncertainties which are beyond KBR's control, and therefore, actual results may differ significantly from the results implied or expressed herein. Please do refer to the full disclosure in the presentation materials for more information. Before I get started, I wanted to mention that we do have, in your seats, a QR code, which will take you to the presentation materials and the agenda online for you to follow along. In the agenda, you'll see that we have a designated time for questions at the end of our presentation, so please hold your questions until that time. Now, some of you may know that at KBR, we start all of our earnings calls with a Zero Harm moment, which is KBR's commitment to our people and our planet. So I will be introducing our first presenter, Adam Kramer, who is our Corporate Sustainability Officer. Adam. Adam prominently reports directly into Stuart and has been instrumental in helping us achieve a Triple-A ESG rating from MSCI. Aw. Congratulations. More importantly, he's also a super fun person to work with, which you're going to see here- No pressure. in just a moment. No pressure. Here, Adam, it's all yours. Oh, the little clicker. Whoa, whoa, whoa, whoa, whoa, whoa, whoa! Where you going? Come on back up here. Come on back up here. So I don't know if you know, Jamie's a fantastic speaker, and I remember it was... She started, maybe it was about a week in the company, and she didn't know a soul, and we threw her in front of 80 of the top leaders of the company. And she walked on that stage without a fear in the world and just gave an amazing presentation. I mean, I just couldn't believe it. The first thing that came to my mind was, "WTF?" And you know what WTF means, right? "Wow, that's fantastic!" And so I made a promise, and I don't know- Oh. If you know this, but I made a promise that I would never, ever follow you in a speaking event. Alas- Until today. Here I am, unfortunately. Well, I'm glad I could introduce you. Thank you, Adam. Thank you, Jamie. All right, Zero Harm. These are the pillars we live and breathe by, and I love these. It shows how we make that commitment to be the most amazing, purposeful company around. And I'll get you to some numbers, 'cause I think y'all are numbers folks, right? At least meeting y'all. You're analysts, I hope you're numbers folks. So 227,000, any idea what that means? Numbers, folks, come on. Not a one. All right, 227,000 is the number of people we add to the Earth every day. That's births minus deaths. Now, what about 43 million? Silence here. That's the average price of an apartment in Tribeca. Come on! No, it's the number of trees we lose every day. So however you look at it, we're increasing carbon and losing oxygen. And Jamie, I know I promised you that I wouldn't get political, and these are political times, and I gotta be authentic with y'all... Please don't be offended by this, but I wanna tell you what I believe. I am a staunch oxygen breather. I love breathing oxygen, and I don't know about y'all, but I tried breathing carbon dioxide, and I just get kinda dizzy. And I don't know, do we have any carbon dioxide breathers out there? Not a one? No trees out there? All right. Well, you're in the right place 'cause KBR, we're in the business of reducing carbon emissions ASAP. And what does ASAP mean? Wow, silence. I love it. Analysts, come on. It means as sustainable as profitable because we wanna make sure we're making money off of this. So 2018, 10% of our clients actually considered carbon emissions an imperative, and now two-thirds of our clients are actually asking about carbon reduction at the RFP stage. That's a huge increase, and this is the same... I'll actually finally refer to this slide here. 66% of the Fortune Global 500 companies are actually making significant climate commitments. And what does that mean? They make these commitments, as we know... I don't know if y'all have been following it. No one's really been kind of working toward those commitments, but they are making them, and we're gonna need lots of money. And when I mean lots of money, I mean obscene amounts of money. And how much money are we talking about? Well, I got that for you, too, $37 trillion. That's the amount of money we think is gonna be needed by 2030 for companies to meet their carbon reduction strategies. So, KBR, where does this all fit in?... KBR is well-positioned to be able to take advantage of this significant amount of money. And why are we well-positioned to do that? Because we have these amazing clean tech solutions, which you'll hear about from some of the big brains, like Jay. Professor Jay over here will talk about the amazing things that we have. But if you look at what we've done, 37% of our revenue is actually derived from sustainable technologies. So this is just increasing, and these numbers are much more significant than we had before. And why is that? We're one of the few companies that aren't just gonna provide you with a PowerPoint presentation and say, "Here you go. This is how you reduce your carbon emissions." We're gonna actually take you from root to fruit throughout the whole process of reducing your carbon emissions. Now, clients, they choose us for these excellent technologies that you'll hear about, but we also are getting, I think, chosen because we are first-rate in sustainable performance. The reason we're first-rate in sustainable performance is government mandates are coming around, and I don't know if you all hear about it, but they're asking about reductions in carbon emissions. Those reductions in carbon emissions make us part of the Scope 3 emissions for our clients. Us, I don't know if you've seen it, but we're MSCI AAA. We actually just got it for our second year in a row. That puts us in the top 6% of our industry. And when clients are out there trying to decide what companies they want to help them on their Net Zero strategies, KBR is one of the lowest emissions for their supply chain. So that puts us at a big competitive advantage. Now, so what? As my teenage son says, "Get to the point, Dad. What the heck are you talking about?" There's three things I want you to take away from this. There's $37 trillion from now till 2030 that we have seen in studies that say they're gonna need to make these carbon reductions. We, as KBR, have that full solution, being able to go from conception to realization in helping our clients do this. And third, we're rated in the top 6% in sustainability for what we do. So we walk the talk. We actually get it done. So how do we do this? How do we do these amazing things? Well, it starts with amazing leaders like Stuart and the leadership team that you're gonna hear from. And what they do is they empower us. And, and I, and if I haven't made it clear, I absolutely love and adore working at KBR, and I adore and love the leaders of this company and all the people I work with. We just have an amazing team, and what makes them amazing is we empower our people to do the things that they do remarkably. And we keep on saying, and I hear it over and over again, "Keep being remarkable." And we tell our people, "Keep being remarkable. Keep being remarkable!" Are we, are we getting it? KBR, keep being remarkable. So now I have a lovely video of KBR people doing remarkable things. Thank you. KBR stands in a class by itself. Few companies have our proven resilience, and fewer have our century-long record of innovation. We help our customers solve problems today, and we look decades down the road to meet the challenges of tomorrow. We never stop moving forward, never stop designing newer technologies that help people work smarter, cleaner and safer. Our portfolio spans vital industries across government and private sectors, resulting in enduring growth year after year. The breadth and depth of our expertise enable us to do work that truly matters and that few companies can match. As a trusted partner to allied governments, we deliver mission-critical solutions that bolster national security and help make the world a safer place. Our advanced digital strategies encompass defense modernization, predictive analytics, and artificial intelligence, bridging the gap from data to decision. We're confronting climate change, helping influential organizations decarbonize and achieve sustainable energy security. When customers choose KBR, they partner with a unique company, one with the global reach and expertise to deliver, maintain, and upgrade facilities across the energy and chemical spectrum. Standing behind everything we do are our people. Guided by our shared purpose and connected by our values, our deep domain expertise drives the global knowledge economy and changes what's possible. Our passion and ingenuity drive our commitment to safe, secure, sustainable operations across our business. There are many reasons to invest in KBR. All of them express who we are. We are KBR. Fantastic! I absolutely love that video, and there's a lot of footage in there, and every single picture you see or video reel you see of people or people doing things is actually real. None of it is off the shelf, none of it is boxed. It's all KBR people doing real stuff, and you'll see that through the course of the day. So, thank you very much for coming. Please, my personal welcome to you. Thank you for taking the time. Thank you for your interest. It's always really difficult following Adam as a presenter. He's kind of a unique dude in the way that he presents, but but WTF? I have to say, I thought Adam, you did a terrific job, and were very crisp, particularly in the summation of, I guess, the value that we deliver to shareholders and to shareholders stakeholders around what we do from a sustainability perspective. So, let me start off by talking about our thematic for today: safe, secure, and sustainable. We chose this not by accident. We started to think back about actually all our stakeholders and try to get a theme that would resonate with everyone. So this is very much embedded in our vision, so there's no surprise there. But when we started to think about what this kinda meant to our people, for example, and our people are the lifeblood of KBR, you've heard me say that many, many times. We truly believe it. For them, we provide a safe and a secure environment so that they can do what they do for us, and in return, we hope and expect and help them deliver industry-leading safety performance, and you've seen that quarter after quarter, year after year for many years. So I think that's a very strong symbiotic relationship there. But if you actually put yourself in their shoes, what's important to them? Being in a safe environment, of course, but actually it's job security and so that security thematic for them really resonates, and being part of a company that has, I guess, sustainable growth, et cetera, allows their careers to progress over time, and they feel very secure in that environment. I also firmly believe in inclusiveness, and I really believe you should be able to bring your whole self to work, and really, so, in so doing, really deliver value and have your voice heard. But to do that, you've got to create a safe place for people to be able to do that, and that's something we treasure at KBR, and again, that resonates with our people. And I guess lastly, on the people side, you know, we've talked a lot about our growth, but to grow, particularly in a people business, you need really high-end talented people. And our sort of commitment to sustainability, the things that Adam talked about, the things you saw in the video, really resonate with the talent in our organization and really attract talent that no other company can really do in our realm. So again, I think it's very, very applicable to our people, the thematic. For our customers, just briefly, we deliver national and energy security at scale across the world and actually also in space or kinda outside the world. You know that very well. We've got 37% of our revenue, sustainable revenue, and we really try and help our customers achieve their security and sustainability objectives in a very safe way. So this very much resonates with our customers and very much aligns with their objectives. So everyone's on the bus going in the same direction, really important. But for our investment community, for you all, if you like, you're looking for companies, I think, to invest in that have sustainable, enduring growth and performance. So it should resonate with you also. And, you know, we talk about our risk model. We've got a lower risk, therefore, safer model, business model, that should really deliver quality of earnings and quality of cash as we go forward, that we put forward in these targets. So hopefully, this resonates with you also. So that's the theme for today, and you'll hear that throughout the presentations. People will relate back to it as we go. So moving on, what you're gonna hear today, after I get off, I won't be long in my opening remarks, then we're gonna hand over to Greg, Greg Conlon, I'll introduce him in a moment, but Greg is gonna talk about our digital strategy. He's gonna take you beyond the hype, if you like. I think, he'll talk about how we operationalize, how we drive value, add digital solutions for ourselves and for our customers. You've actually—there's a few in the foyer on the way in, and I don't know if you managed to see them on the way in, but we tried to showcase a couple of those that are our IP. Iron Stallion, which is very much the leader in space domain, and we've also got HomeSafe Connect, our proprietary HomeSafe, I guess, IT backbone that you can have a look at as well. There's also a couple of others around, ammonia cracking and plastics recycling, Hydro-PRT, which you're all aware of, so please take the time to talk to the folks outside. Then we're gonna hand over to Mark. We're gonna break with tradition. It's not really breaking with tradition 'cause we've already put the targets out. You've seen them already. But typically, to try and keep you here for the rest of the day, most companies do the targets at the end of the day. We decided to break with tradition a little bit and get Mark to come up and really talk about the numbers, the transformational impact. He'll present the long-term targets and why I think they're really, really exciting. But just to set the scene there a little bit: we listened. You know, we're not perfect, and we do like to get feedback. You know that about us, and we listen. So we've been very conservative in the way we think about HomeSafe and the ramp and the timing of that ramp within those... And everything that you see today, and all the targets you see, exclude any form of capital deployment. Exclude any form of capital deployment, and Mark will talk about the cash generative qualities, and he'll put a number on that over the term. Then we're gonna hand over to the business president, presidents. They're gonna then try and really take you through the story and the key attributes of their businesses, their markets, their people, their skills, their technologies, that will deliver these long-term targets. And that's really their mission when they present, is really to, to put some meat on the bone and really allow you to really sort of get behind these long-term targets. And, and then we'll, we'll run a panel, and we'll talk about really how we're, how we're traveling in, in synergies. We'll talk about some KBR things that we're doing across the world that I think are super exciting and really change the dynamic at KBR, and one plus one is greater than two. So that's kind of the agenda. Then I'll come back and sum up very quickly, and then we'll move to Q&A. But that's, hopefully, that'll be an informative couple of hours for everyone. So this is a key message really today. We've got two distinct businesses, as you're very well aware, but we believe with converging capabilities and very strong international characteristics. But we do believe that these businesses have and will continue to thrive and reach their full potential within the construct we have today as KBR. That's a very key message. We're not sacrificing the growth or the performance of one over another. They're both absolutely thriving, and the more we learn about each of the businesses and more the customers know the capabilities, the more One KBR opportunities we have. And if you think about it, we've seen many businesses in the federal market trying to go into the commercial area. It's very tricky, and vice versa, in truth, but we've been doing that for decades, and I think it really when I was starting to think about this, it really sort of stems from our, I guess, our history, but in our DNA, we've got very strong commercial acumen, and I think that really sets us apart. And if you look at our commercial business, which is everyone thinks is STS, but it's actually also our international government business, is very commercial. I mean, that business environment moves quicker, it's less regulated, and really, the potential for margin expansion is much greater because of that commercial world in which they live, but you really have to have strong commercial acumen to realize that margin potential. And again, we have demonstrated, and I think we'll continue to demonstrate that today and in the years ahead. I think the other key capabilities that are common, deep domain expertise, you'll hear that coming through today in all the presentations from the presidents. But what does that mean? It really means that we're not a mile wide and an inch deep. We're an organization that in the markets and the things that we do, we really know our stuff. We employ world experts, absolute world experts in the things that we do. And what does that mean? It means that we are highly differentiated. It means we win a lot of repeat business, re-competes. We're very sticky with our customer, and through time, we can expand margins and returns for our shareholder base, and again, you'll hear that again. But the other beauty that we're seeing now of that deep domain expertise is we're very focused on IP development as well, and you've seen, as there are some in the foyer there, but we actually develop, particularly you've heard process IP, but we're seeing a lot of digital IP coming out of our knowledge and our deep domain expertise. And again, Byron, Paul, and Jay will cover that when they talk. So, I think both businesses are very much aligned. They're both on the, as I talked about before, on the bus, on the strategic bus, going in the same direction, upmarket. It's all about key talent. It's all about actually, you know, developing and hiring and nurturing the skills of the future, and I think both businesses really have the skills to manage a very high-end, technical, smart workforce. And that's not easy. It's not easy. But we, we've really sort of got those skills really across the whole business. And I think, as the presidents and Mark, for that matter, present, I think you'll see that both business are truly delivering, so really reinforcing how I started this slide, so. But over and above the targets, we've got the HomeSafe ramp potential, we've got capital deployment optionality, we've got one KBR synergy that really give us multiple levers, if you like, multiple pathways to achieve our targets. So please keep that in mind as we go through the day. So just to set the scene, these are three sort of mega trends that we're seeing across the world, and we've put these up here because they really drive government priorities, they really drive, I guess, budget spends, they really drive CapEx commitments across the world, et cetera. So we'll start on the left, the digital modernization. It's everywhere, but it means so many different things to different people, from your company, to businesses, to governments across the world. So think from the extreme of people talk about digital implementation as taking a tool that actually reduces cost, but they use the same terminology to actually look at cybersecurity. They take the same sort of definition when they're looking at digital prototyping to actually interoperability. I mean, these are very extreme and different things that you can do around digital, and I think there's a huge risk that companies really boil the ocean around this. They really get confused with all the nomenclature, all the digital tools, all the things, and they get lost, and they really boil the ocean. And I think that Greg will show you that real-life value-add examples of where KBR have been highly considered here and I think really gives us an amazing upside potential on the market, and Greg will help define that. Energy trilemma, Jay will present a little bit around what that really means for us. We've explained it, I think, in the STS primer. You know what it all means around energy security and meeting energy demand. But we're seeing the economic Global South, that energy demand grow quicker in that environment. And what does that mean? It means that you have to be present. You have to be globally... you know, you have to have the relationships in these countries across the world to be able to, to extract the value and work with them over time to, to solve their problems. So countries in the Global South or countries in the Middle East and Asia, et cetera, and I guess progressively more in countries like Africa. So that's where the higher energy demand is gonna come from, but they have their national agendas, and you need to be ever present if you're gonna actually take advantage of that, and I think that KBR is uniquely positioned to do so. The other piece is around affordability. I think there's economic realism. You'll all get this very much around energy transition. I think the world is waking up to the fact that they want to do this for the climate, they want to do this for the planet, but there's an affordability challenge. But the way to unlock that affordability challenge is the application of technology, and that's what KBR is good at. So I think there'll be more around this, but it's a very exciting time for us. I mean, this is a absolute long-term market shift. We don't see this changing anytime soon. And then thirdly, I don't have to tell anyone here, in here, it's very volatile times. There's a lot going on in the world geopolitically, really from Europe to the Middle East and even with Taiwan and China, et cetera. But what does that mean? It means that there's more funds flowing into areas of security, the GDP. Sorry, the budgets for defense aligned with GDP outside the U.S. are growing, and the commitments, I think the U.K. is up, and Paul will talk a little bit about that. The focus in INDOPACOM, opposite the Chinese threat, and the things that are happening around AUKUS and nuclear submarines and things, digital, cyber, next-gen autonomous systems. Of course, what's happening in space is ever increasingly important. And I think this whole thematic about R&D, you know, quick prototyping and then operationalizing that as quickly as possible because of the speed of change, and we're really, really good at that. So, so I think these, these three mega trends are real, they're in our face today, they're long-term, and they really shape and inform our strategy and vision going forward. And, hopefully, that's kinda clear. So when thinking about what you would maybe want to ask about why you would invest in KBR, you know, why, why would you? And some of the questions that I look at if I'm investing in, in stocks is, you know, does, does KBR, does that business or businesses, are they well-positioned and attractive in markets? An obvious question. But really, do they have barriers to entry? Are those barriers to entry clear, and are they compelling, and can they articulate those barriers to entry? Do they really have a clarity of strategy? But not only that, strategy is one thing, but do they have the discipline, the strategic discipline, and actually the commercial discipline to deliver the value from that strategy and meet their targets? Do they really understand the risk model? Do they actually live by it? Are they clear, and does that give you confidence of quality of earnings? You know, is the business model resilient? What does that mean? Are they truly global? Can they take the upside and manage downside risk associated with global trends, but also local dynamics, and, and really manage that volatility? And do they have a broader portfolio that allows ebbs and flows? Now, does that result in attractive returns? Are they putting targets out there that are attractive? But actually, just how effective have they been in turning revenue into profit, but more importantly, profit into cash? Cash is king. So how, how credible are they around their processes and their passion around that? And really, ultimately, I think when you look at a company, doesn't matter what the strategy is, well, it does, the markets they're in. Do they have credible leadership? Do they have a proven leadership team? Is that team together? Do they have a clear strategic growth vision? And are they absolutely clear in their own individual targets that actually roll up, and are they all in? I've talked about being on the bus, going in the same direction. So are they all in together and really committed to these results? So we think the answer is a firm yes. Our job today, through the next couple of hours, is to convince you that it's a firm yes, and we're gonna do that. Okay? So, but just to level set a little bit, I've done a few of these now, and I've listened to a few, obviously, as well from other companies. And this is a day where people present the sparkle, they present the shine, you know, the pieces of magic about the company. And rightfully so, it's a bit of a showcase. It's a little bit dynamic to show your wares, if you like. But companies often don't also present the what-ifs, what could go wrong? I think it's really incumbent to impart to you that really we have thought about this, and we do this as part of our business as usual. I mean, KBR's enterprise risk management processes are really, really mature. After I started almost ten years ago now, it was one of the first functions we really matured, really put a lot of investment into, and it's now firmly embedded through the organization. You'll get companies that talk about enterprise risk at the highest level, and rightfully so, but we have it embedded in things. We run our risk process through M&A, we run it through big bids, we run it through new market entries, geographies, et cetera. So it really is embedded. We also run black swan events and really look at what-ifs, and that really informs us. and we're quite an agile company, as you know, but it informs us to really look at also defensive strategic goals as well as offensive strategic goals. And what could that mean? It could be things like some of the things on the board here, like moving your concentration risk over time.... and Jay will talk a little bit about like that. So we've been quite considered. But to do that takes cost, takes time, takes resources, and I just wanted to make sure that you understood, and what you're gonna be presented with today, those costs are considered in the targets that we present today. So it's not all gloss and shine. There's actually a level set within the targets, if that makes sense. So you'll get the presidents talking up their businesses. You'll get Mark presenting what I think are exciting targets, but I just want to level set that we actually think about the what-ifs as well and embed that in how we think about tomorrow. So please keep that in mind. So I'm gonna hand over to Greg now. I've known Greg a long, long time. In fact, my daughter used to babysit his children. And so, I've known him all through times in Asia and then in London, and then we brought him into KBR. And he sounds a bit odd, you know, when he's up here. You might not understand all that he says, so we can help you with that if there's a problem. Well, he's from Australia, you see, so he's got a bit of an odd accent. But, but over and above that, Greg thinks differently. We use him as a little bit of a disruptor, a little bit of an agitator, and he's terrific at it. But he is, he's really been the architect of our strategic process. He's, he's pushed us to think differently, and, he's been a terrific contributor to KBR. And, and his new role as Chief Development and Digital Officer, I think he's really adding amazing value and giving clarity of thought of how we, how we navigate these, tricky times. So, Greg. Thank you, Stuart. Just put that there. [audio distortion] Well, good morning, everybody. And after that introduction, I really should say, good day. So for any of you who've heard Stuart present about KBR before, you know we're very passionate and very committed to our strategy process, Horizon one, two, three. You know, the key pieces really fall into four blocks that you can see here. Horizon one is all about ensuring our core businesses are protected and thrive. We then look at adjacent growth and driving that from the core businesses. And a key part of the role that Stuart described for myself was really that, you know, I need to make sure we keep delivering innovation so those Horizon three opportunities emerge, and we unlock the breakout growth potential that KBR can have. Breakout growth that you'll hear from Jay, Byron, and Paul later really gives us multiple pathways to grow. What I will do, though, over the next 10 minutes is dive into some of the stuff we're doing with digital and really give you some insights. No question, you know, I mean, you hear it all the time, data is ubiquitous. Data is everywhere in our personal lives, our professional lives. I agree with Stuart's comment, you know, too many firms, too many leaders get caught in that plethora of digital terms, the hype, the complexity, and they really struggle to achieve tangible outcomes when it comes to digitalization and modernization. I'm very proud to say that KBR is a mission-focused culture, and so what we pride ourselves on doing is actually delivering real outcomes for our customers on projects, on missions. When I talk about the digital strategy, you'll actually hear it sounds, it sounds a little too simple, and that's because we only really try and do two things well: We operationalize data on missions and programs for our customers, and we help customers make decisions faster. So if you look at the span of all the initiatives we've got in digital across the company, there's almost 100 in our pipeline that we, we use an agile process to develop. We've spent a lot of time listening to our customers in government and commercial about what drives their need, and we see two bookends that both create imperatives. The bit you all get is the innovation end, where people say: How do I operationalize new technology? The deep domain expertise that we have in KBR really enables us to help our customers adopt technology, integrate technology, and particularly make it interoperable. 'Cause you're not always updating the whole ecosystem. You're trying to embed new tech in an aging system. The other bookend is an absolutely clear need for affordability. There's no question customers are driving for that, particularly in STS, we see that, where customers want that efficiency, that simplification, and, you know, ultimately to drive improved return on investment for them. As I go through the presentation, you'll see we've got a three-tiered approach to our digital accelerators. We have about a dozen digital accelerators. They're all technology-centric, they're all areas of high customer demand, and they all allow us to really improve our customer stickiness, increase our market share, and ultimately let us drive that growth and margin improvement through the digital knowledge that we've got and the solutions we create. I should just pause for a second, too. As you go through here, please be conscious, each of the images has a location, and that's because none of the images here are Photoshopped. They're actually real KBR people, real customers delivering real solutions in real locations. All right, so let me start with digital engineering. I'm not sure, you know, you may not all understand that term. The way to think of digital engineering is it's a suite of digital capabilities that allow the customer to build a virtual version of their asset base. Once they've got that virtual version of their asset base, they can model it, they can simulate it, they can test it a long time before, you know, metal's bent, ground's broken, plants are built. You know, I'm probably a little skeptical. Many firms create a lot of hype around digital twins, digital engineering. KBR has actually been doing digital twins for two decades or more. In STS, in Frazer-Nash, GSUS, we run complex integrated digital engineering ecosystems now for our customers. The driver in STS for Jay is really that the projects are getting larger and more complex. But, you know, STS and the commercial customers cannot afford the complex systems that you see in DoD. So KBR has been progressively evolving our digital twin solution to encompass more than just sort of the geometric things that you'd think of. It goes into procurement, it goes into contract data, it goes into commercial data, it goes into simulations and visualizations. What does that do? That gives STS customers a higher-fidelity virtual version of their asset. It allows them to make decisions with higher fidelity, and we're seeing pre-FID schedules reduced by as much as 30% or more because of that tool. The geo side's a little different. We're actively investing in a product you can see here called DreamLab. DreamLab is really a collection of 12 different, or more than that, a dozen or so model types and software types, and it builds a whole digital ecosystem for the U.S. DoD. What you need to think of DreamLab as, and Stuart alluded to this, is a secure, virtual, rapid prototyping environment, so the U.S. government can actually accelerate the development of programs of record. We're spending money here because we see a multimillion-dollar pipeline of work in this area. It's unquestionable drive for the federal government. We don't think they can keep up with the pace of development. I think they'll need KBR's digital skills to actually keep up with the state of development across, well, across, in reality, defense, aerospace, and ultimately, civil nuclear as well. Okay, so the inevitable topic, AI. Look, we all know AI is gonna disrupt the way we all work. The piece we're excited about with AI is really that it's going to speed up the rate at which KBR's domain knowledge can be applied to our customers' problems. And we see all our customers needing to take on AI as their next frontier, how to unlock value from generative AI and the other AI tools. That's why we're investing in a product that's listed up here, KBRain. Nice little acronym, KBR AI Network, KBRain. What we've actually done is built a digital architecture with the right security protocols, the right ingestion tools, and we're now able to ingest these large data sets for customers, both commercial and government. And we are able to now apply generative AI, the large language models, all the things you hear about in the press, to those data sets. We've already started doing it, so we're doing it for some ingestion of maintenance manuals for the Navy. We're also Byron's also working on a relatively complex aircraft maintenance AI tool as well. But I should say, you know, machine learning and dealing with large data sets, again, is not something that, you know, is unusual to KBR. We've been doing it for decades. The product up here, Iron Stallion, is actually out in the foyer. Iron Stallion ingests petabytes of data, leverages proprietary ML or machine learning algorithms to provide real-time decision-making for space domain awareness. Now, this was developed over a decade in the U.S. The IP now resides with us, and in fact, in the last year, we've sold it to the U.K. and Australia. And so Iron Stallion is now actively in place, helping all three of those nations tactically and strategically manage their threats and exposures in space as we speak. So let me talk about data analytics. This is a really active area. We're actually doing decision-making for customers as we speak. An immediate need, obviously, in the STS world is how do they price and screen new hydrogen facilities, new energy transition facilities? And so Jay and the team have built a product we call H2 Evolution. It parametrically designs new energy transition, new hydrogen facilities, using historical data and some very clever algorithms. What that really does is enables us to give our STS customers initial screening data for investment in days, not weeks, not months, days. On the carbon side, I mean, you heard Adam talk about carbon. We've got some products there. We've got a product called CleanSPEND that actually brings different data sets together and really enables our customers to make strategic investment decisions on their projects in a carbon-conscious way. We've also got a matching product in Frazer-Nash to make sure we can actually consult and take people on that journey. So what? I guess I'd like you to come away from here understanding that we're not caught in the hype. You know, we're generating real digital technology solutions with real people, with real customers, in real locations. You can see that we're actively investing in a range of products: DreamLab, KBRain, H2 Evolution, CleanSPEND, the ones I've listed. And there's a little QR code here that you can scan. You'll actually see there's another dozen or so on our website that cover autonomy, cybersecurity, and other areas. And why are we doing all this? It's really about customer stickiness. We're helping our customers solve their problem, and they see KBR as a key part of their future. Ultimately, you know, that's gonna drive our market share and our margins. But probably more importantly, when you hear from Byron and Paul and Jay, you'll see it's a key part at the center of our strategy in each of the businesses, and it's really gonna enable growth for us. So let me hand over to Mark Sopp. A number of you will know Mark. I've had the pleasure of working with Mark for seven years now. Seven years since Stuart coaxed him out of a long-term sabbatical in California. I'm not sure Mark's forgiven us for leaving the sunshine yet, but he's been a great part of the transformational journey that we've gone through at KBR. I don't think there's anyone better placed to actually explain how our culture of innovation and, you know, the culture that is KBR, our commercial acumen, has driven five years of year-on-year growth and transformation. Mr. Sopp. Thank you, sir. Swap waters? Yeah. Thank you. Awesome. Let me start by also thanking all of you for being here today. It's awesome to be back at the Exchange, and it's great to follow up Greg. You know, Greg is probably underestimated in terms of his power in the company. He keeps us on track relative to our strategic planning, and he sets the pace for our investments in digital that are game changers for our clients. If you know Greg, that's a fast pace. He's a fast-paced guy. That extends to his personal life, so on the agitation front, he runs faster than all of us, and he agitates us by reminding us all the time that he's faster than us. The good news is he works that way, and that helps us. I sat here seven years ago on the same stage, talking about how happy I was to join this team, and that remains the case today. It's an incredible team. We're always adding new talent, so not too long ago, we added Sonia Galindo, who's back there, our General Counsel. Hello, Sonia. You've met Jamie this morning, not too long ago, added to the team. She came on the, on the scene with a burst. If you know Jamie, that's the right term for her. And our most recent addition, Paul Kahn, you'll see later on, to our leadership team. And so there's always great new talent joining us, but every other speaker that you see here today has been here quite a while. So it's a combination of old and new, but what you can be assured about is we are committed, we're together, we like working together, and we like doing what we say we're going to do. So that's what today is all about. Now, I wanna start by re-emphasizing the changes we made in recent years that have redefined KBR to what it is today, and also really drove the performance we've had in recent years, and sets the stage for what to expect going forward for the quite robust outlook we're gonna share. Real quickly, you know, 2016, thereabouts, we really reset our entire government business, and in 2020, we refocused, reshaped our commercial business, STS. What's important about that is we came up with simple, common goals that both of those transformations sought to achieve. The first is to narrow our focus on the most attractive markets globally, and also to add scale and diversification in each of them. The second goal was to lower our risk. If you know anything about KBR's past, this would be a good idea. And so, what I mean by that is lower concentration risk, lower commercial risk, and also less capital risk. The third one, which both Stuart and Greg talked about quite a bit, is moving upmarket, upscale, focusing on tech differentiators like IP, domain expertise, digital smarts, and to avoid commoditized or commoditizing markets. Why? Better returns in non-commoditized markets. The central goal of all of this, to this day, is to generate stable, predictable growth and profit and cash flow. We are laser-focused on that simple objective. That's not enough. We coupled that with an inspiring vision to create a safe, secure, sustainable environment for our employees, for our customers, and for the communities in which we serve, and that's really important because people wanna have impact. They wanna have a sense of purpose. They wanna change the world. Particularly, the best and brightest people wanna join and sign up to that mantra. We cannot maximize our potential without the best and brightest. It's a key part of our strategy, so having that vision and that purpose statement is a big part of who we are today. So this is what we set out to do. Quickly, here's the scorecard for how we've done since each transformation. GS on the left, STS on the right. So 2017 was the first full year after post-transformation with GS. 2021 was the first full year after the transformation of STS in 2020. Both have double-digit revenue growth. Both have double-digit EBITDA growth. Both produced really strong cash flow. I'll cover that in a moment. Over this period of time, we had to be very disciplined in our capital deployment. We did some M&A, we had some debt to retire, we did some other things, including bumping up our dividend five years in a row by double-digit average rates. After all of that, have finished with a very strong balance sheet, sitting here today with plenty of firepower to pursue strategic alternatives. Leverage ratio of 2.0. So we're quite proud of that. And on the right, you see the stock price has chugged along with that, which we're pleased to see. Good news is, the multiple isn't ahead of us, so we kinda caught up to a peer-like multiple over this period of time, but we certainly didn't get ahead, of that. And therefore, the growth story we're laying out today is very interesting from a pure growth perspective, but it also can appeal to value investors. One more sort of setting here, as we built this more global, diversified, less risky business with the central goal of stable, predictable growth and revenue—sorry, profit and cash flow, revenue is less important, we decided to set long-term targets. The shaded area here presents those targets. The purpose we did this, well, why, why, why we did this is, you know, we wanted to demonstrate that the business we were creating is more predictable, in line with that goal. We also wanted to set targets to hold ourselves accountable to deliver, 'cause we really take doing what we do seriously, right? So those are the targets. Some called them aggressive at the time, and here's how it all played out. The bars show how we actually did. Much better than the Astros did last night against the Yankees. So how did this happen? The team stuck to the goals at hand. This team, the team stuck together. The team stuck to the commercial discipline that Stuart talked about earlier, which I will talk about next. What's really important also is, we're gonna lay out a growth story here today. Byron, Paul, and Jay will have to pursue additional growth opportunities to deliver the type of growth we're talking about. But the takeaway here is that our growth strategies and our targets that we're issuing today really embody the same goals and disciplines that got us here to begin with and delivered this performance. Now, Stuart mentioned commercial acumen. To us, this is a very important differentiator, particularly in terms of how we deliver value to customers, but in turn, deliver economics to KBR. Those two work hand in hand in a proper commercial environment. Fundamentally, KBR, going back over a hundred years, is a commercial organization at heart. It's in our DNA. That's how we started, that's how we operate our government business and our STS business today, commercial mindset. Commercial mindset enables you to thrive in conditions and settings where others won't even venture. Great examples, our entire international government business that Paul leads, the transformational program of HomeSafe, Hydro-PRT. There's an exhibit out there led by our colleague, Francis. We are seeking to change the world in modern in revolutionizing plastics recycling in our partnership with Mura. Those are game-changing, purposeful things that the commercial mindset and some entrepreneurial flair enables. It takes presence, it takes experience, hard lessons learned as well. It takes skin in the game to operate successfully commercially, but when you do so, the returns are very attractive. We're seeking to do that across our portfolio, and I think are demonstrating that in the types of returns and performance we've had. Our commercial focus, Greg alluded to, is really delivering real, tangible value to our customers. Here's a great example. So Elena out, outside can show you our, you know, one of our new extensions of our ammonia offerings, but we are a world leader in ammonia process technology. We deliver value to our customers 'cause we deliver the lowest cost to build and operate ammonia on a per-units-produced basis. And really, almost all of our process technologies deliver that same benefit. You can call it affordability, and when you have affordable solutions like that, our customers make more money, and our customers like to make more money. When they make more money, they can fund other things that we offer: decarbonization, more safety features, other things. Lost my train of thought. But anyway, so the commercial focus in delivering value then delivers trust and long-term relationships, and Jay will really hit on this very hard with some of our customers in his business. When that happens, partnerships venture into new areas together, perhaps more boldly than they're willing. I think Home Safe is another great example of this. So we have a long, rich history with our Army customer and the military in general, and that's kind of extended into their confidence in us to transform the military move experience, to deliver real, tangible outcomes, a better move experience for our men and women in uniform. In addition, save taxpayers a lot of money in the process. In addition, reduce emissions. It all comes together by the combination of our commercial experience, the trust we get from our customers in delivering value to them, and having skin in the game. A great example of this more broadly is STS in its totality. So if you look at STS last year, everyone knows they have very good margins, but I'll give you some other data points. $336 million of EBITDA. They had CapEx of $10 million, and that's a normal number for them, 10. We not only deliver low cost for our customers, we execute our business in a low-cost way in STS in that way. We had virtually 0 working capital tied up in STS last year, and almost all of the growth was organic. There's very little goodwill and other assets like that on the balance sheet of STS, and so as a result, the ROIC is really, really attractive for STS. So the bottom line here is we know how to deliver tangible value to our customers. We know that's a competitive advantage to win more work and engender more trust. We also know how to convert that to strong economic returns for us. For example, we have co-investing in a number of our technologies, which lowers our cost. We get cash advances in a lot of the work we do. We have incentives to deliver more than a stated goal and often deliver that, and that inures economically to us by our commercial acumen. Thank you. Okay, you've been waiting for long-term targets, so I'm going to try to hit this. The team has been consistent for a long period of time. Our methodologies have been consistent. The addressable markets that we have are attractive, and the entire business that we have produced over the past few years is really specifically, purposely built to be predictable, stable on the profit and cash flow delivery front. Yes, just want to make sure I'm in the right place. So let me cover this first. So Stuart said very, very, very specifically that our targets today assume no capital deployment. Yet, as you'll see in a moment, there will be significant capital appreciation, and that has, you know, pretty significant capital deployment upside, and alternatives for the future. Starting on the right, our Government S olutions segment is targeted to do 11%-15% of top-line growth, compounded average growth rate from 2024 through 2027, with 2023 as a base year. Adjusted EBITDA margins of 9%-10%. Importantly, HomeSafe is now included in these targets, albeit at a more conservative ramp than the original plan and more conservative relative to what the customer is stating as its objective right now. And the reason for that is the number one goal of this program is to deliver a quality move experience for our service members, number one. It's also the case that the program is conditional on proper moves as we go along, so it is conditions-based. And we also know we have a very low number of moves already. The customer is proceeding at a very deliberately slow pace to make sure that first objective is met. So we want to be very cautious to not get ahead of ourselves and make sure we're delivering for our men and women in uniform, and this thing ramps in a way that we can all be proud of. So that's our conservative estimate here. What that means is we expect to be ramping in 2025. We're still ramping in 2026, and we're actually ramping and finally concluding to, you know, an exit run rate in 2027 that represents the full maturity. So our assumption here is that we really don't have full maturity on HomeSafe until 2028 and beyond. If conditions change, we'll let you know, but we think that's prudent at this time. We have said that while we are ramping, there will be modest margin dilution to the total from this program. A lot of that comes from the minority interest from our joint venture partner. So that's math, but we've been very clear about that. But the 9%-10% margin target here does reflect HomeSafe in that way. Outside of HomeSafe, the rest of GS basically is expected to perform consistent with our prior targets. No major changes there. STS, simple. Coincidentally, 11%-15% organic growth as well on the top line. Margins consistent with its performance today at 20%. So on a consolidated basis, this puts KBR in 2027 at a revenue size of about $11.5 billion+, and that puts EBITDA in $1.15 billion+, attendant with that at margins of 10%-11%. After you net out corporate, that's how you get the EBITDA number, so there's a little reconciliation. I've given you segment numbers. There's a corporate segment that's not shown here, but that kinda converts the EBITDA you see there to the EBITDA of $1.15, in 2027. Operating cash flow is expected to be $700 million+ by 2027, and I'll build that up in a second. Kind of a takeaway here is the EBITDA growth embodied in the 1.15+ is 11%-12% on a consolidated basis over this period of time, 11%-12%. Cash flow. Now, we have produced, you know, cash flow that has been very correlated to net income for the past several years, and we're not expecting to change that. So our trajectory ends at a, at $700 million+ by 2027. We see accumulating operating cash flow at $2 billion-$2.3 billion over this period of time, and with CapEx of roughly 0.5-0.75 of revenue, that nets down to $2 billion of free cash flow or deployable cash flow combined over these four-year periods of time. So that's a lot of deployable cash flow that's really not directly in the targets, that gives us strategic optionality to generate value for our shareholders. Our priorities for deployment are the same, so we continue and expect to continue to pay a regular dividend. That's a first priority. Strategic M&A is something that's been an important part of our success for a long time, so we'll continue to do that where it meets our criteria. And in addition to that, we expect to have more capital to deploy in buybacks and debt management as necessary to maximize shareholder value returns on one hand, but also make sure we have ample liquidity on the other. So we think we've done a pretty good job balancing those over the years. Now, let me wrap this up, and then we're going to take a break, but before we do that, I'll just re-emphasize that we're really excited about the franchise we have built over these years with the goals we had in mind. The inspired vision that we have does attract the best and brightest. It helps us to deliver the type of performance we've had and the outlook we expect. We're very attractively positioned in markets that Stuart mentioned that have enduring growth prospects for us, and we're doubling down on technical offerings and critical differentiators that will preserve our market share, hopefully allow us to capture more. And I think together, those deliver a compelling growth story on the top line, but also very attractive economic returns and margins, and in return on capital, using the commercial discipline that's been in this company for a very long time. We're driving to hit $1.15 billion+ of EBITDA by 2027, and we're driving to have to have accumulated $2 billion+ of deployable capital to invest prudently, wisely toward what maximizes shareholder returns for all of us. So that's what our focus is. With that, I will stop, but I will say the best is yet to come. Our group presidents are the sizzle of this show, and so it is now 10:08. I suggest we come back at 10:20, give you a good break, and then we'll get going again. Thank you. If you want it, you can get it. Say, just believe in your love. If I think you... ... Yes. Yeah. Yeah, mm-hmm. If you can all start making your way back to your seats, I wanna keep us on time for our online audience. Do we get anyone? Okay. All right, thank you. That concludes our brief break, so I'll go ahead and get us started with the next section. So it's my pleasure to introduce Byron Bright, who is the President of our Government Solutions U.S., as well as Paul Kahn, the President of our Government Solutions International Business segments. Together, these gentlemen have a variety, a wealth of experience in aerospace and defense. I don't know if you know this or not, but Byron used to fly airplanes in the U.S. Air Force, and Paul used to build airplanes at Airbus prior to joining KBR. So, without further ado, please join the stage and take it from here. Thank you. Over to you. Thank you, Jamie. Thank you, everyone, for being here and your interest in KBR. Now we get to get to the fun stuff, right? We get to talk about the cool things that we do. I'm joined today here by Paul Kahn, the newest member of our executive team. Now, I will say he also has a little bit of an accent, but the good news is, he's actually an American citizen. So he and I work really well together on national security issues, and we make sure that we don't tell Stuart a thing that's going on. So, that's the way we roll. The last time I was here on this stage a few years ago, and we were still building out our government portfolio, and we had set some bold targets, but we hadn't really proven ourselves yet. It's my pleasure today to, for Paul and I, to tell you that not only did we meet those targets, but we've exceeded them. So what we're gonna present today is an at-scale government business. It's fully integrated, it's differentiated with the technical capabilities. We are now a big, large science, technology, and engineering company, and we're doing things around the world that matter. This is really built on the incredible people and talent that we have and that deep domain expertise. So we're supporting national governments around the world, really making our world more safe, more secure, and more sustainable. We're gonna give you a deep dive on government solutions. Paul's gonna take you through some of the historical numbers to give you context of what we do. And really, what I want you to take away is the scale that we now have, the past performance that gives us the credibility to take on more work, and you'll see the sheer size and scale of our addressable markets and the visibility that we have into our book of business. So over to you, Paul. Byron, thank you. And I, I'm really excited to be here on the stage, two years after joining the team. It's a team with incredible vision, and has some amazing results. And I'm often asked, why did I decide to join KBR? And it actually came down to a coffee, over a coffee with Stuart. And Stuart's values, KBR's values, really shone through. Teamwork, empowerment, integrity, doing things that matter, delivering. And there was—if you say there was some icing on the cake to go with the coffee, I had a Teams call with Greg after that. And just the willingness to disrupt, to agitate, to make a difference in our markets through digital, through technology, and that just really shone through going on. And the evidence is here in these numbers. We exceed goals, and we're doing that with the best and the brightest. I'd like to give you just two examples, two stories, that really show what KBR does, what Government Solutions does. Standing on the deck of Australia's amphibious ships. So we sustain the amphibious fleet for Australia, the LHD, the landing helicopter dock. Now, this is an airfield, it's a dockyard, it's a hospital, it's a telecoms node, it's a floating city, and we are the people that bring that all together to make sure that that capability is available. And then we give advice around hydrogen, pulling together, working with our space leadership in NASA, and our energy expertise that comes from Jay's part of the area. We can tell you everything you need to know about hydrogen. This clean, efficient fuel for space travel, this essential part of the future of Net Zero. And that, yeah, that expertise really shines through, and it means that it's an exciting business to be part of. We do this from 80 global locations, 23,000 people, thousands of contracts, projects, and programs. So we are delivering for customers and delivering for investors. So, Byron, what exactly are we delivering? Thanks, Paul. I often find it hard to describe our business just because of the size, sheer, and scale of, of what we do. But again, as Stuart laid out, at the heart, it's very similar to the way STS goes to market. We have these deep domain expertise. We wrap that with a digital innovation to help our customers deliver tangible value. We're starting to put more and more proprietary technologies together, as you can see in the lobby. But the way we deliver this business is really through four different business units, each with a slightly different business model, and I'd like to explain that a little bit. So our first business we call Readiness and Sustainment. Now, this is our largest sector. It houses our HomeSafe joint venture, but it also has large contracts that support the Air Force, the Army, and the Navy around the world. It is a mission-critical business. It is at global scale and delivery, and often we're called upon on a moment's notice to support humanitarian events, humanitarian events around the world, much like we did with Operation Allied Welcome. From a commercial standpoint, it's underpinned by these really large, long-term contracts, and our people have deep expertise in complex global supply chains. We couldn't be the number one contractor in this area if it wasn't for the global footprint we have from international and from Jay's business and STS, and understanding how to work around the world. Looking at our next business, you'll see Science and Space. This is the business unit where we really face the U.S. federal and civilian agencies. It is also on its own, over $1 billion in revenue. It is characterized by about two-thirds NASA support, so we are the leading operations and support contractor for NASA, running mission control, training astronauts. We do work at Goddard in earth sciences, again, along that sustainability theme. And it also has exciting new growth areas around health and human performance, and applying IT support to specific missions with Department of Transportation and other agencies. From a business perspective, it's mostly cost reimbursable, just due to the high-end and developmental nature of what they do and the operations tempo they support for NASA. But it's underpinned by highly specialized scientists and engineers, again, creating those barriers to entry that Stuart talked about. Our third business unit is Defense and Intel. This is the most diverse set of capabilities that we have, and we'll talk about a little some of those on the next slide. But we support nearly every major platform across the complex, supporting almost every single intelligence agency. There's over 55 offices in the U.S. alone. This one is hundreds of contracts and individual task orders, and unlike RNS and SNS, the other two business unit, which are major program businesses, this business has a much more consulting approach to how they go to market. Lots of IDIQ contracts, really focused on research and development, test and evaluation, applying those emerging technologies. It makes it very sticky with our customers, very customer-centric, and its portfolio is heavier in the time and materials and low-risk, fixed-price level of effort work, giving it opportunity to expand margins over time. Last but not least, the international sector. So, we do much the same as Byron has outlined for the U.S., only we do that with mid-teens margins, and a much more commercial business model. With our Frazer-Nash Consultancy, we help deliver national security. We are safety and assurance experts, flight safety, civil nuclear safety. We improve the lives of citizens. So we do what we say: safe, secure, and sustainable worldwide. Now, let's look at what's driving that in terms of what's driving our sustained growth. Security drives our market. It's aligned with our vision. Europe is at war. We've got tension in the Pacific. We've got conflict in the Middle East, and that is driving our markets. So the U.K. is moving to 2.5% of GDP for its defense budget. That's an increase of $100 billion over the next six years. Energy security is also moving up the agenda. How many weeks of aviation fuel do you think Australia has, available in its reserves? And the answer is actually measured in days, 32 days back in 2021. And so we are advisors, technical solution architects, project managers, implementers, integrators, sometimes actually providing the technology, through Jay's business, like sustainable aviation fuel. Our customers need to modernize, and the deep expertise that we bring, whether that's from AI, machine learning, autonomy, hypersonics, we apply this in a mission environment. So we're critical to governments. It means we've got strong markets, billions of accessible, opportunities, and we'd like to focus here on six growth areas. So, Byron. As you can tell by the size and scale and diversity of our business, you know, we support many, many different end markets. These six that we're gonna dive into a little bit to give you a flavor of the capabilities that we have. We see these end markets as well-funded, growing at faster rates than the top-line defense budgets, and we see KBR well-positioned to capture that market share. So just to give you a few examples of what we do, looking in the first column, you'll see terms like advanced ISR, spectrum dominance. In the third column, you'll see areas around integrated air and missile defense. So what is that all about? Well, just read the news, see what's happening in Europe, see what's happening in the Middle East when it comes to the low-cost drones and the threat, that that's changed how our militaries operate. So KBR is at the center of that, integrating technologies for identifying and tracking these threats, helping eliminate those threats, whether that's through new technologies like directed energy or other kinetic effects. So this we see this as a hotspot for years to come. It's changing how we do reconnaissance and surveillance. Another example that we've talked about several times today is our space domain awareness, and I see Russ in the back there. I really highly encourage you to go spend time looking at Iron Stallion. That is a live feed of what's going on in space today. And so what do we mean by space domain awareness? There is a proliferation of low-earth orbit satellites going on in space. Our enemies are putting up assets. We're not really sure what they're doing or what their intent is. And so through very complex algorithms, fusing data from public sources, whether that's ground observation, optical tractors, whether that's owner-operators that have satellites in space, we're able to figure out what's going on and start to put predictive models on that to understand when something is benign versus when something is a threat. And that's helping our national governments make decisions on what to invest in and how they should posture their national security. We have recently sold that in Australia and U.K., and that's gonna become the foundation for as they build out their space capabilities. So what does all this mean for an investor, right? A lot of buzzwords here, but these are really, really big markets. And so what that means is there's gonna be a high demand due to those mega trends that Stuart and Paul have talked about for KBR's talent and technologies. And we operate in the markets specifically that are growing faster than the top-line defense budgets. And we have core capabilities that really position us to grab more and more market share now that we've reached our full potential at scale. As we put this all together, you'll see the four service lines that I discussed, how they're mapped into those growing end markets, each with a slightly different go-to-market strategy, different size of contracts, different ways to capture that work, which makes us quite nimble and agile as funding priority shift. Now, notice the sheer size and scale of that addressable market. Now, these numbers might be larger than some of our peers, but that's because we have a significant portion of international addressable market that we can go after, that's quite unique to KBR and makes us different. So we have strong tailwinds, we're aligned to the fastest-growing areas of spend. Now, it's great that we have big markets, but we've got to capture that. You know, as Stuart says, we're accountable for delivering the targets we put out. So how do we turn that big market into revenue, profits, and cash? We have a very clear plan that we execute. First, I'll talk about how we thrive in our core markets, and something you may not understand about the U.S. government markets is the great visibility that we have. We have a very robust pipeline, very visible, very specific. We know exactly what contracts are coming out, we know what funding is going through Congress. We can make investments in digital technologies and innovations ahead of time to be there and capture that market as it grows. The commercial discipline that we've embedded into our business has given us the ability, with our new scale, to put more money into sales engine. So you'll see in 2024, we're gonna put out in GSUS alone, 50% more bids than we did in 2023. And then our delivery excellence. We are a mission culture, and our people care about what they do, and that's allowed us to win well over 90% of our recompetes year in and year out, again, giving us that really strong book of business. And we're gonna expand these core markets into new geographies and capture the synergies. AUKUS is a great example of that, where Australia, U.K., and U.S. are working together. We're gonna leverage Frazer-Nash's capability, particularly coming from the U.K., around nuclear safety and assurance, and we are on contract with the Australian Commonwealth around their nuclear submarine infrastructure. More than that, we're gonna deliver innovation by being part of our customers' ecosystems. Digital is sticky, and we'll see that with Iron Stallion, where if please do have a look at that. Not only do we sell our intellectual property and the licenses around that, but we provide services to go along with that, with our customers, and that's cross-border. That's U.S. capability sold from local presence in the U.K. and in Australia. Then we've got multiple pathways to deliver this breakout growth that comes from our positioning in the Indo-Pacific, HomeSafe accelerating, globalizing our consulting offering, commercializing our IP. Let's look at how that turns into the numbers in each of those four business areas. So here's some new information we haven't provided before to give you some confidence and clarity into our book of business. You'll see we've broken down each business unit into what their expected CAGRs are over the forecast period, and on the right-hand side, we've given you some key characteristics of that pipeline. Now, these numbers you see here are not market numbers. These are specific contracts that we're actively pursuing, that have been vetted, that are on strategy within our current sales force effort. These will be bid throughout this period. You can see, for example, in R&S, they're expected to do 16%-18% growth. That's a very high growth rate in our industry, and obviously, that's impacted by the Home Safe ramp-up as we go in the outer years. But there's also other opportunity inside of R&S, and we've made good assumptions around what we expect to see out of EUCOM and some probabilized wins that for Indo-Pacific and other areas. You can see there, we have 79% of the book of business secured. So what do we mean by secured? That's active work under contract. That's the options, expecting them to be awarded on those contracts, and that's the high P win of our recompetes. So again, I want you to take away that great book of business visibility across the portfolio. Moving up to science and space, you'll see more modest growth in that one, 4%-6%, but still above what you see in some of the top-line budgets for NASA. Again, it's characterized by some quite large bids. In addition to our recompetes in there, we also have four new opportunities that we're chasing, greater than $700 million each. As you move on up the stack to Defense and Intel, you'll see 7%-9%. That's really high-end growth for this industry. Again, the areas we discussed in military space and digital engineering, and as you would expect, you know, more opportunities there, 61 greater than $100 million through this period. And then finally, our international business. So that leaves international. We've got excellent growth at 12%-15%. We're going into new markets like the civil nuclear technology, SMR, where we do assurance and integration. We've got great national security opportunity, nuclear submarines going into Australia. That's a $22 billion pipeline that we can see, and we have a large number of smaller contracts, so that makes us resilient. We're targeting to grow to be $2 billion in this sector. So for GS overall, it's a very strong pipeline. The global book of business stands at 76%, and Byron and I are really excited to be leading and taking this business forward. So let me wrap up just with a summary. Real growth at 11%-15%. Profitable growth at 9%-10% EBITDA, and we're gonna convert that into cash, and we've got real confidence in this. Our international presence, our mastery of technology, including digital, and our customer intimacy. Let's use an aerospace analogy. We're moving from building the plane to flying the plane, and we're still gaining altitude, and we're still accelerating. So we're delivering. We're delivering when it matters, where it matters, for customers who matter. A safe, secure, and sustainable future. So that's the government solutions sector. Let us hand over now to our good friend, Jay Ibrahim. Jay is an inspirational leader, and I really enjoy working with him. And Jay has the moves. Jay. [audio distortion] I'm not dancing with you. Well, great to see you all. I'm glad that we're finished with all the funny accents now, so we can speak proper English, so no good day, mate, or any of that stuff, right? All right. So, thank you, Paul. That was very good. I know it's gonna cost me another steak dinner every time you say that, so, but I'm up for it. You've spoken about Stuart and how he kinda convert you or attracted you over a cup of coffee. I had a bit of tougher time with him. So, he gave me a call one day, and he said, "Jay, I was trying to look for someone good in the Middle East and North Africa for the last few weeks, and I couldn't find anyone good. So I'm gonna end up calling you to see if you're interested to join us." And I said, "Well, with such a compelling, an attractive, offer in Stuart, I can't say no." So, I've known Stuart for a long time, for, 20 years, and I'm only 35 years old, so you could see what knowing Stuart has done to me, yeah. So, no, I mean, both Mark and Stuart talked quite a bit, about trust and confidence, and this is really what comes, into play. So, Stuart, it's been a pleasure, and will continue to be a pleasure, and, thanks for the trust and confidence, for being here, today as well. So, Paul and Byron, you guys have done a superb job explaining Government Solutions and what you do when it comes to critical mission, when it comes to cybersecurity and all the fun stuff that you do, and then you've taken us out to space as well. You know, in STS, we're humble, we're down-to-earth type of people, so we're gonna bring the discussion back down to earth, if I may. And you mentioned the fun piece. This is really the fun piece, yeah? So Government Solutions, have some fun, but in STS, as some of you may remember, I said it a few years back, we've got the looks, we've got the brain, but also, we have the moves. And today, we're gonna ask you to judge us, right? When we were on stage and back in 2020, when we made some promises, we're just gonna bring you our report card, and then you're gonna say, "WTF!" or not, right? So here we are. So this is basically our report card, and circa 33%, 2021-2023, adjusted EBITDA CAGR. Our EBITDA, 21% in 2023. Circa 65% of our profit coming from repeated customers, and we've got 80+ technologies. So these are some wow numbers. Now, how we managed to get there, right? So what we did back in 2020, when we reimagined STS, when we really did the transformation, we created a blend, and this blend really flows between our technology offering and our service offering. And this blend is really, is underpinned by a very strong BD strategy, where we go and hunt early and hunt together. Mark explained that we are a low capital intensity business with exceptional return on invested capital, and we're gonna talk about this in a bit of detail. But what really happened here is we go, and we help our clients, so it's not just one-sided. We help our client stretch the dollar, stretch the barrel, stretch the molecules, and this is really how we continue to grow. You could see that we have a diverse mix when it comes to market, when it comes to geographies, and when it comes to the mix of contract. So what does that mean? What this means is affords STS low risk, and really, we have a cycle in different growth, which is gonna bring me to my last point on this slide. A few years back, we promised you that we're gonna double our EBITDA by 2025. I have some news to share with you. We're well ahead of pace. We've doubled our EBITDA in 2023 versus 2025. So today, we're circa 40% of the combined EBITDA for KBR, and this is really what STS bring to KBR. WTF! All right, so, some of you may recognize this slide as we put it into the primer a few weeks back. Really, the intent of this slide was to share with you some of what we do in STS. You may not have the chance to see it, so please check it out later, and you've got a QR code at the bottom right-hand side where you could use. But I wanna remind you all, really, that our differentiated IP, our technology, the jewel of the crown, sit at the core. This is really coupled with the domain expertise that we have in delivery that makes KBR STS what it is today. It's really this blend between the trust, the confidence, the differentiated IP, and the services that drives clients, such as BP, to spend 50 million hours, that's 50, 50 million hours, in the last 50 years, where KBR has become their partner of choice to deliver energy security and to deliver their new energy when it comes to green and blue ammonia and hydrogen. BP is not the only customer where we have such longevity and partnership. You go across the globe, you go to Aramco, you go to SABIC, you go to Basra Oil Company, you go to ADNOC, you go to Shell, you go to LyondellBasell, you go to DuPont, and we have really this sticky relationship. This is really what provide STS the resilience that we're in today. You've heard Stuart, and you've heard Mark talk about the energy trilemma. So what does the energy trilemma mean to KBR? The energy trilemma drives the need that we need more, we need cleaner, and we need affordable energy. As such, it drives really expanding our addressable market and really because KBR STS is uniquely situated with what just talked about to deliver to the energy trilemma. So how we've been successful and how we will continue to be successful is really summarized in these four bullets. So let's start with the first one, being globally present and trusted. As some of you know, I spent quite a bit of my life living abroad. I still do, as a matter of fact, and my home is 7A in the plane. I do quite a bit of traveling, and really the main reason for it is to go see our people and to go and see our client. This is what Stuart mentioned, when we are globally there, we live, we operate close to our client in the key market where we want to operate in. When you do so, you understand the culture, you understand the language, you speak the language, you walk the corridors, you go and shake a few hands, you go and give a few kisses on the cheeks, and you hire local people, and you build legacy in the areas where we operate. It goes into the trust. Trust is not given. We all know this. Trust is earned, and trust is earned by delivering every single time to the commitment. This is why ADNOC trusts us with over $100 billion of their project for KBR to manage on their behalf. This is really what trust is all about. The next one is really the technology unlocks. Our client now are smarter. Our client now really want to be more blue and want to be more green. And you've heard Adam talk quite a bit about this and the volume of business that's out there, and this is really where KBR is playing. So when you go out to the foyer, for them, some of you who didn't have the opportunity to do so, you're gonna see an actual example of that. You're gonna see our ammonia cracking, and you're gonna see our Hydro-PRT when it comes to circularity and plastic recycling. This is really where KBR and STS come into play, where we deliver across all the needs for our client. We understand their pain point, and we're there to deliver a solution. This is why KBR was part of the Sadara program. This is the largest petrochemical complex that was built in one time. So we offer visibilities, we offer feed, we offer execution, we offer IPMT, integrated project management, and also we're offering today, maintenance. So this really speaks about the sticky relationship that we have with these clients across everything that we offer. Commercial acumen, we don't deliver 21% EBITDA just by doing what everyone else is doing. So we see what everyone else sees, but we think and we act different than everyone else. This is how we deliver 21% EBITDA. We understand the market, we understand the client, we understand the drivers, and this is how we go, and we secure the win. But it doesn't stop here. We need to take that same mentality and help our clients as well. We help them. Basically, speed to market is very important. We help them keep their plants up. It's very important. We help them secure supply chain, is very critical to them. So really, commercial acumen is a huge differentiator. And then the last bit is, Greg spoken quite a bit about this, but let me give you a couple of examples. One is, everyone knows that you make all your money as a client when your plant is up. So really, it's about how you eliminate unplanned shutdown, and this is really where KBR coming into play. We collect data for the last 10, 15, 20, 25 years, and we put that data to good use. It really predict the future, and this is really how we eliminate this. When it comes to Aramco, speed to market is critical to them. I need to shave 30%-40% of their schedule. Who do they come to? They come to KBR and STS because they know we deliver, and this is how we put generative AI and automated engineering into play to kind of give them the solution that they're looking for. So with that, the numbers speaks for themselves. Our STS pipeline have grew by 40%. That's 40% since 2022, and $32 billion in pursuit in our sales force. Huge numbers. WTF, Adam? [audio distortion] All right. We put quite a bit of data into the primer. We shared with you the vectors. We shared with you the trajectory of these vectors of from seven-10 years. We shared with you where we play. We shared with you our share of some of these vectors as well. So this is kind of summarize that, and as Byron mentioned, it'll give you a bit more than we've given you originally... and you could see there the expected CAGR for every single one of these vectors. Energy security, you've heard Stuart talk about national security. Really, that's a huge part of that. Food security also play into that as well. So all of them are really connected, and this is where the huge project coming into play. The Aramco big gas expansion type of project, the Aramco liquid to chemical type of project, the LNGs, the Basra Oil Company, coming all into these, and you could see 15%-20% growth in there. The next one is the clean refining and petrochem. Modest growth, 3%-7%. And again, we've got some of the best technologies when it comes to that as well, and I'm gonna be talking about K-COT in a couple of slides to come. Ammonia and hydrogen. I think, most of you know that it's, NH₃. It's one atom of nitrogen and three atoms of hydrogen, and this is really where we play quite a bit. And again, this has been a jewel for us, and there is a separate slide where we're gonna be talking about ammonia as well. Please have the opportunity to see Elena, if you haven't seen her, to really share with you what we're doing into the ammonia cracking. We've got a special program out there, where we're building a pilot really to test feedstock across many of the international energy company, the IECs, and I'm sure Elena will be glad and very passionate about to share with you what she's doing. Then we go into the new energies. Again, we've got Francois over here. Francois is very, very passionate about Hydro-PRT, and he'll share with you really the circularity that we're doing when it comes to plastic. And then we've got the drop-in sustainable aviation fuel, alcohol to jet, that is really ready to go as well. Ammonia. So ammonia has been great for KBR. It has been a great EBITDA contributor for a long, long time. So before we go into the financial aspects of that, let me just set a couple of quick rules of thumb. Every 1 million metric ton, so what you see there, the small m and the mt, 1 million metric ton is equal to one world scale plant. And the other parameter is it takes four-five years to have a plant built. So today is 2024, so to be able to produce in 2024, should have started the project back in 2019 or 2020. So if we take this logic into the financial, and you could see there that there is an incremental need of 46 million metric tons from 2027 up to 2031. So using the rule of thumb we just talked about, this is really 46 plants world scale that is needed, and these projects are needed to kind of meet the demand from 2024 up till 2030. So if we're doing, for example, four plants in 2023, we would need five plants in 2024, six plants in 2025, etc. So what does this mean to KBR? This is gonna take our profitability from $60 million-$80 million in 2024, up to $130 million-$180 million in year 2027. Wow, this is great. And you could see the demand is there. So I'm very excited that this will continue to be a great EBITDA contributor to STS and to KBR. Mark talked about the low capital intensity and the return on invested capital. So I'm gonna share here with you a quick demonstration of that when it comes to K-COT. This is really our catalytic olefins technology, and improves ethylene and propylene as well. What it does, really, it takes the lowest valued feedstock and gives great value to our customers. So it's really selling. And this is something that is a mix between internal and external IP that we started back in 2005. We kind of sold the first technology in 2011, and we had the plant operational in 2017. We invested circa $8 million over that entire period in K-COT and $150 million in the cumulative profit since then. Great example of return on invested capital. But that's not the only technology that we have. We're really very focused, very smart about commercializing and about capital deployment. And you could see here, these are some of the technologies that could deliver something similar to what we've done with K-COT. Every single one of them is energy transition focused, and it's a mix between internal and/or external IP. And you could see really the years of the portfolio that is shown over there. One key aspect, really, of STS is the market, the portfolio when it comes to diversification, which really mitigate the regional instability and the end market cyclicity. This is something that is really very strong and provide the resiliency in STS that we have. We all know that the energy demand will continue to grow, and with that, our book of business will continue to grow as well. So if you take a look at the chart on my left, which is the relative profit contribution, and you could see there a balanced mix between every single one of these vectors. So if one of them goes slightly up, something else come down. But then you take a look at the right-hand side, and you could see how we continue to grow using that balanced mix. 2020, you could see the numbers in here in terms of the scale, and when I talked earlier about doubling EBITDA in 2023, this is a great illustration of how we achieved that and using the mix I just talked about. So I'm very confident that we will continue to deliver to the energy trilemma, and the business is resilient to any cyclicity that is out there. Which bring me to my concluding slide. The numbers speak for themselves, so I'm not gonna talk about the numbers, but I'm gonna talk about a couple of things to that are key takeaways. The first one is 2024 is up to a great start. We have more than 85% of secure workload in our book of business to meet the annual guidance. 85%. And in addition, we're working now on 2025, where we have more than 50% secure workload in our book of business as well. Again, great figures. The book-to-bill will continue to grow, and we will deliver to that. We'll have great visibility with a strong underlying book of business that really takes a look at the medium term. I mentioned earlier, $32 billion in opportunity in our pipeline, so this really how confident we are that we will deliver to the numbers. And then last but not least, let's not forget about the secret sauce. The secret sauce is hot, is spicy, is exotic, it's sizzling, and it has a pinch of magic. These are really the people of STS. These are the people of KBR. They don't just go and deliver; they always exceed expectation. This team of team is always out there, and they always bring us back summa cum laude report. So with that, I'm gonna hand it over back to Jamie to kinda talk a bit more about the secret sauce. Jamie? Thank you, Jay. Keep being remarkable. Keep being remarkable, okay? All right, so what we're gonna do next is we're gonna have our KBR panel. But before we do that, while we set up the stage, I wanna introduce a quick video, which talks about the secret sauce that Jay just mentioned, which is the capabilities that we have within KBR. So, as Stuart said earlier, these are all KBR people, and I hope you enjoy this short video. For more than a century, KBR has been at the forefront of innovation, delivering solutions one step ahead of a changing world. Business and policy must now go hand in hand, so more and more governments and companies are turning to KBR, a partner that understands these unique challenges. Our capabilities are built around a core of innovation, security, and sustainability. For decades, KBR has been a trusted leader in national security and space. Our experts train personnel, maintain assets, and develop new technologies, all to help ensure service people are equipped and prepared when duty calls. We're ushering in a new era of space exploration with next-gen infrastructure. We use our expertise in cyber and analytics to safeguard data and turn it into effective decision-making, and we help protect vital infrastructure from threats on the ground, in space, and in the cyber domain. We're tackling the global energy trilemma with solutions at the intersection of security, affordability, and sustainability. We are bridging the gap to energy transition and new energy futures, and we're creating true circular economies, helping customers decarbonize and reduce emissions. At the heart of all we do are our people. Though we represent hundreds of nations and diverse backgrounds, we are one team of teams, connected by our culture, our values, and our shared purpose: to deliver solutions that help create a safer, more secure, and sustainable world. We are one KBR. One team, one vision. Wonderful. Can you hear me? Yeah, okay.... Great! So in this next panel, we're just gonna have a quick fireside chat and talk a little bit about what are one KBR opportunities. So joining me are the presidents that you've already heard from, and each of them has already kind of talked about their core business and markets. So, Jay, I'm gonna start with you. Why don't you talk a little bit about what exactly are one KBR opportunities? Yeah, that's a great question, Jamie. I mean, one KBR to me really is where one plus one is equal more than two. And the reason I say that is really there are certain opportunities with certain clients that we couldn't have won without the help from my two handsome and younger brothers. So, I go to Paul, for example, and I said, "You know, I really need some help with, BP. You know, we're getting ready, to, participate in a huge tender, where BP is gonna be selecting a partner of choice when it comes to green and, gray and blue ammonia. So I really need the advisory help, the consultancy help from Frazer-Nash to kinda really give us a vision of the future, a lens of the future, how we would go about it." And then, you know, you've heard Paul talk about the best and the brightest, so he really provide these people, and I hope I don't bring the average IQ down by me in there, Paul, but definitely, this is a great one. Then I reach out to Byron as well. He's the middle child, by the way. And I asked him the same, and he said, "Hey, I've got great help for you, Jay. I've got people in NASA that really know hydrogen quite well, so we can help you with the storage, and, this is really how it works." So to me, it really is bringing the best and the brightest between the three businesses to kind of do more than any single business can accomplish by their own. Thank you, Jay. No, that's great. So we've selected three specific one KBR opportunities to talk to you about today, which are all across technical domains, across geographies, and across business units. So I guess I'll start with the one on the left. Paul, why don't you talk a little bit about AUKUS? What are we doing today with AUKUS? And then I'll go to you, Byron. AUKUS is about Australia, U.K., and the U.S. working together to improve their collective national security, in particular for Australia, and the threats that's going on in the Pacific region. And so that's about technology transfer among those three countries, in particular from the U.S. and the U.K. into Australia, and especially around nuclear submarines. So we're bringing together that capability that we have from the U.K. We're working with Byron's teams in the U.S. to do precisely that. And that means today, we're already on contract as a local Australian company because we've got that capability, that deep expertise already in country, working well together for the infrastructure side of it. Before you can build a nuclear submarine, you need to have a shipyard to build it in, and that's where we're working. I would say that, you know, for us, you know, what's been really exciting is the customers, particularly in Australia and the U.K., who struggle with our U.S. government, which is sometimes a little complicated to maneuver, but we have such deep relationships in the U.S. We've been kind of a thought leader to help them navigate the U.S. situation and understand some of the barriers to entry, and one of those that we've really struggled as an industry is around ITAR and export control. I think through the cooperation and the sharing of information amongst, you know, all of us with our customers, we're really starting to see how the U.S. government is looking to change some of those regulations to really enhance, you know, sharing and interoperability. And the other pillar, besides the nuclear submarine, is really all of the other related technologies, whether those ISR, cybersecurity, hypersonics, you know, other things that are gonna be needed by the three allies. And we have a lot of that deep domain expertise, as you saw in my presentation. So, we'll see growth in the U.S. come through on foreign military sales, kinda add-ons to existing work we have. I would say every program office that we support has some, you know, flavor of how do we help the AUKUS initiative? So you're really starting to see that come through Congress and start to get out into the various PEOs that we support. Yeah. And what that means is hundreds of millions of revenue opportunities- Yeah ... for KBR by all three nations working with us. That we probably wouldn't go after alone if it wasn't for the fact that we have that connective tissue between us. Yeah. In addition, it's a breakout opportunity, if you will, in addition to your other core siloed markets. So, Jay, earlier, you were mentioning how you were leveraging some of the consulting work from Frazer-Nash. Maybe I'll go back to you again, Paul. Why don't you tell us a little bit about what is different in Frazer-Nash now? So you've had Frazer-Nash for coming up to two years, I think, and have integrated them. So talk a little bit about what is global consulting and what is Frazer-Nash doing differently now? Yeah. So, so Frazer-Nash, which we integrated over the last year, 18 months, bringing all of our consultancy activities together under that one brand, and what we call a next generation consulting. So it's really about tackling some of our customers' most challenging problems. So we are experts in solving problems and from a technical perspective, and we'll bring change management and other skills, project management in, to be part of delivering that. So it comes from a very strong UK background, some presence in Australia, but also in Asia, and we're looking at delivering that across the world going forward. And for my team, what they love about it is the opportunity. Again, we're all about attracting the best and brightest, and so we have these deep subject matter experts that work on their programs, but we often get calls from Paul's team going: "Hey, we're going into this consulting effort. Do you know- do you have anybody that knows, you know, this particular technology or whatnot?" And we're able to pull our people to be that kind of deep bench of reach back to support some of that deep consulting, and I think it gives opportunity for our people. They love to move around and work on exciting projects, and we really start to see those synergies pay off. Oh, that's great. From my side, I must say, Paul, I mean, it's really about helping our client transform. I'm not talking here just about a single client or a single operating company. I mean, what we've done in Singapore really with Shell, an entire country transform from being a fossil fuel hub into a potentially an ammonia and the hydrogen hub as well. So great, you know, help in there, and really, they are always our pathfinder to the best future. So, sticking with you, Jay, then, I'll start talking about the last one, KBR opportunity. Yeah. which is One Saudi. And so with decades of experience in our relationship with KBR in Saudi, what has changed recently, or how are things today? And then specifically, maybe talk a little bit about the Saudi Vision 2030. Yeah. I mean, it's really the transformation and the speed of the transformation that took place in Saudi. I mean, who would have imagined five, six years back, that really Saudi Arabia is gonna be hosting the 2030 Expo? I mean, who would have thought they're gonna be holding the 2034 FIFA? You know, it's the largest sporting event. Who would have imagined that in 2029, the Winter Olympics are gonna be held in Saudi Arabia, yeah? I mean, the 2030 vision is a $27 trillion investment. So that's, you know, $7 trillion between 2018 and 2030. And going back to what we talked about, about local presence, really being there has helped us capture quite a bit of that. When it comes to all the gas expansion, when it comes to helping Aramco, you know, taking basically a firing liquid, then put them into petrochemical versus power plant. When it talks about NEOM, for example, that Paul and myself really, you know, kinda joined in that. When it comes to Byron's recent visit to Saudi Arabia. Byron, I may be a bit biased, right? because I know quite a bit there, but I'd love to hear from you, you know, how did you see Saudi? No, it was my first time in Saudi a few months ago. We actually have US Air Force work there, but again, it's very kinda US-centric. And I think what the One KBR initiative really gives us is, as I show up there, and Jay's team that are local Saudis, you know, take us around to the different ministers. It's an amazing transformation, just the scale and the speed of what's happening in that society, really across all sectors. You know, when I was there, I met with the Saudi Space Agency. They've recently had a Saudi astronaut go into space for the first time. KBR trained that astronaut at Johnson Space Center. So we have all of this connective tissue, you know, and I don't think, you know, my team would have just naturally gone into Saudi by ourselves unless we followed the, the U.S. government. But together, it's like we just see this massive set of opportunities. We're looking at Saudi Space Agency, we're looking at defense initiatives with the Saudi National Guard. And that country's really just changed so quickly. They're vibrant, they're excited. The scale is hard to imagine when you look at the amount of capital that's gonna be spent in that country over the next decade. So again, another long-term initiative for us to really capture and grow. Byron, you visited the Diriyah project- I did -there. I did, yeah. Which is, which is where we are doing the master planning and the project management for critical national infrastructure in country. And we're only really able to do that because we're working with Jay's team, we're sharing resources, and we're really making a difference for the customer going forward. Well, I know that was kind of quick, but we are at time, and I wanted to bring us to the next section. So if you don't mind staying here, I'd like to invite Stuart and Mark up to the stage. Stuart's gonna give us a few key takeaways, and then we'll open it up for questions from the audience. Thanks, Jerry, and thank you. Excellent, really enjoyed the panel. I think the... and also the presidents did a terrific job. I think their passion for the business, but also their passion for our people really shone through, and, secret sauce, Jay, love it. And, anyway, I'm going to give you a few key takeaways, and I think really the main takeaway that, I'm trying-- ah, there it is. I wanted to finish off kind of where we started a little bit. We're running a little bit short on time, and, so I'm not gonna go through each of the takeaways. I'll just pause, and you can read them on the right-hand side, but there's nothing of... That would surprise you there and nothing we've not talked about today, obviously. But I think the ultimate key takeaway really is our commitment to these targets that we're showing today. I mean, this, the $11.5 billion revenue, the $1.15 billion EBITDA really are the floor. We, you know, there's a little plus sign, as you can see, next to both. And obviously, the cash generative qualities of the business with $2 billion in deployable cash is a big takeaway as well. But the main thing here is this is what we're signing up to do. We fully intend to deliver on these results. We've done it in the past, not once, but twice. We've exceeded expectations. This team is proven. I would put this team up against any day. They're absolutely terrific. They've got each other's backs. They're absolutely all in. So I think these targets are fully achievable. This team is committed to delivering them, and I trust after today, so do you, so do you. So really, that's all I'm gonna say. That's really the key takeaway. We're all in on these targets. We believe we can achieve them, and we've hopefully given you enough meat on the bone to be able to underpin how we're gonna get there. With that, Jamie, we're gonna hand it open to you, and I'll try and compare this a little bit and point the question to whomever it is. So if it's really difficult, I'll certainly be handing it off. But in the meantime, let's open the floor up. There's Steve. Thank you. Steve Fisher from UBS. So I wanted to start off on the government business on the international side. That's really been a very good and steady source of growth for you. And I'm curious, what do you think is the right level of mix of international government business over time that you want to achieve in this business? And given that it is, you know, without a HomeSafe-type contract, the fastest-growing business that you have in there, the confidence that you can kind of sustain that double-digit growth in that piece of the business. Paul? Well, what I'd say is that we're looking to maximize the growth of the international side of the business, so I don't in any way feel constrained by lack of resources or lack of capital to pull that back. So, that double-digit growth comes from real visibility on the pipeline. As Byron says, in the government business, you actually get quite a high level of visibility. So the British government, for instance, publishes its future order opportunities. The Australian government has recently gone through a recent review. So when you put all that together, it gives excellent visibility, and then we understand their competitive positioning. And so often we're teaming with partners. You know, we're not going alone on a lot of these, and that leads to a very resilient way forward. So it's a solid, resilient way forward, focused in areas which are growing higher than the overall defense budgets in particular. But I think, Steve, just to build on that, I mean, my view, and this is only common sense, I mean, the highest margins that we actually attain in the government realm are from the commercial world in the international arena. If we can maximize the mix there, we'll do it. If we can deploy capital to achieve our strategic goals in a quicker way, we will do it. And we've done that with Frazer-Nash. We spent about $500 million repositioning that business over the last few years with Frazer-Nash and others. So absolutely, it's a focus area. I think it's a unique differentiator for KBR. I don't know many others in our peer group who really have this international exposure, this commercial acumen, this ability to succeed in that, in that environment, and we're thriving in it and very well positioned. Great. And then if I could ask a follow-up on the guidance. So it looks like the revenue CAGR is faster than the EBITDA growth CAGR, and certainly, it's a little bit more pronounced if you use 2024-2027 as a starting point at your midpoint of this year versus using the 2023. To what extent is that just HomeSafe ramping up that's at a lower margin, or are there other puts and takes that is making the EBITDA growth CAGR a little slower than the revenue? I mean, I think it's just HomeSafe. We've been pretty clear our performance, we expect to continue in the broader GS business, and with the same level of growth that we had before, and that's a key takeaway from today. It's not like HomeSafe is filling a void. We're growing in the other parts of government just as strongly with the same returns, and sustainable technology is still out there very clearly at 20% margins. So it is only the HomeSafe piece, and I'll remind you, we've said the EBITDA is a floor, and there's a plus sign in front of it. So I think, you know, a significant CAGR growth from here till there, and well in the double digits, as you know, and you know, if we do that or above, we'll be terrifically happy. But there's nothing sinister in there, Steve, is really the answer. And I'll add a clarification if I could. So as everyone I think knows, HomeSafe is a joint venture in which we own 72%, and so the EBITDA that we are showing here is net of the minority interest. And so the profit of the program delivers X, and we will eliminate 28% of that, so that net number is what's included there. So that has, you know, a pretty, meaningful amount of dilution, as I said, and we still achieve the 9%-10% margins in GS with that in mind. Okay. Yes. Hi, good morning, Jerry Revich, Goldman Sachs. I'm wondering if you wouldn't mind just talking about the new energy part of STS, how much of that growth that you're looking for is for the plastic recycling piece versus I know you've got a few other interesting technologies in there, and, you know, to what extent could that part of the portfolio potentially surprise the upside if things go well, particularly, on the plastic side? Yeah, thank you. A good question. I mean, I must say that every single project that we touch today has sustainability angle into it. Yeah. So really, there isn't, you know, the heritage project that were executed, you know, years and years back. 'Cause, you know, every single client has a commitment when it comes to net zero, whether it's 2040, 2050, 2060, and this is really where we play. In terms of the plastic recycling particular opportunity, we have three projects that are under construction right now, where the plants are being built. So we expect these projects to come online sometime later this year, early part of next year, max. So the first one is in the U.K., in Wilton, and we expect that to have a mechanical completion very soon, and then we'll go into the performance, and shortly after that, we have a project in Korea, and shortly after that, we have a project in Japan as well. So all of these will come into play. ... And on the back of that, we have, I would say, about eight-10 projects that really are waiting the performance of these plants, basically to get FID. So there is quite a bit in the pipeline as well. Now, when it comes to the other new energy that we've spoken about, definitely ammonia, ammonia crack, and green ammonia is huge. We have a large number of projects that are going through the feasibility study and the pre-FEED and FEED before they get to the FID. I would say we're gonna see more blue projects before we see the green projects when it comes to ammonia, simply because of the affordability. Scale-wise, the green and the blue and the gray are about the same size. The green is probably five-10 times fold less, which mean that the cost per ton is much higher, and hence, really, we need government subsidies, we need carbon credits, et cetera, et cetera, to help with them. This is really where the affordability coming into play. I would say, you know, I mean, the statistics that we have access to, and, you know, the clients that we do visit, I would say probably about 70%-80% of what we see today is basically into the energy transition, and we see the 20% or so into the greener solution. Thank you. And then on government solutions, you know, pretty attractive growth outlook. Can you talk about excluding HomeSafe as we think about the CAGRs that you laid out on slide 38? How back-end loaded are these programs, or should we expect steady ramp up in terms of 25 growth, 26 growth, relative to the growth profile that you've laid out on the slide by business? Thanks. Yeah, I think it's, you know, it's a portfolio, right? And so we have large programs that come through, as I said, in R&S and science and space, and those can kinda come in kind of a little bit lumpy. And then we have really steady growth in D&I and international, just by the number of projects, and I mean, every week, the things are coming through there. So, you know, I would expect steady growth through the period. We haven't really front-end or back-end loaded it. I think you'll see, obviously, it's probably more back-end because of the effect of HomeSafe, but that ramps, you know, later on. So the bigger numbers will drive that CAGR up kinda later. But we should expect to see solid growth, really, through the period across all the different businesses. In any given quarter or any given year, you know, you might see one up or down a little bit, but, you know what, what's really amazed us as we put all this together, is really deep diving in that pipeline, and just the sheer scale of what we have today and the scale of the opportunities out there just give us, a lot. I mean, our teams are bidding a lot right now, so, really good output coming through the system. I think we didn't really talk about this up in shiny lights, and maybe we should have, is that the book of business that GS has to cover, so the area under the contract, if you like, from now to the end of 2027, the book of business that's secure- Seventy-six percent. 76%, to deliver on the 25 target, 27 targets. I mean, that's quite a statistic if you think about it. So I think Byron's exactly right. I think we'll see progressive growth, in the rest of the businesses, given that statistic. Thanks. Bert Subin from Stifel. Jay, I guess, a question for you. You just talked through Saudi Arabia, and when you guys did the primer last month, you talked about the Middle East being, you know, the major growth driver in STS. You know, we've had some news with projects being de-scoped, NEOM the Line being won over the next several years, and I've heard some things about some programs being delayed. It didn't sound like, you know, your enthusiasm toward the region has changed. So just curious if you could talk about what you're expecting in Saudi and the broader Middle East this year, and then maybe on the path to 2027. Very good. Good question. I mean, the projects, when it comes to the, energy sector that have been put on hold are mainly oil-related. And Saudi came to the conclusion that really taking their production up from 12.5 MM to 13.5 MMb to be the swing producer, is no longer the case. So it was really a wise decision for them. Why would you go and install another million barrels of capacity that you don't need? But definitely, their gas projects are still ongoing. There is, as a matter of fact, a large number of projects that are being tendered today in, when it comes to the gas space, and KBR is in the middle of that. Of course, we, we can't see the outcome yet, but, really, you know, we're looking forward to that as well. And, we've spoken a bit about their, four million barrel conversion when it comes, you know, to taking liquids into petrochemical as well. This is quite a bit alive and kicking, and also we're in the middle of that. Now, when it comes to some of the infrastructure, investment that's taking place, you've heard that Paul talked a bit about the Diriyah 1, and also, as a matter of fact, we picked up the Diriyah 2 the next phase of Diriyah, and we're doing the PMC of that. We're very heavily engaged in NEOM as well, where we offer technical services. Some of the investment has moved to the right, but still, I mean, this is a huge, huge, investment that will continue to take place. You know, we're talking about $7 trillion to be spent over 12 years. So I still see quite a bit of excitement, especially in the area where we provide services in. And I, I think on NEOM itself, I think, I think there's just been a little bit of a refocus because they have to actually build all the facilities to host the winter, the Asian Winter Olympics, which is actually at NEOM. Yeah. It's kind of odd saying that, Winter Olympics in Saudi, but they are. I mean, they got a big mountain there and so I think there's a lot of priority being shifted there to make sure that's a very successful showcase for the country and NEOM itself. So again, I don't think there's anything sinister there, but I think it's just a shift in priorities because of those facts. ... I guess, Stuart, maybe just to follow up for you broadly, you know, the company's changed a lot in the last 10 years- Mm. and it's even changed a lot since the last two Investor Days. Mm. As you think about, I guess, the next four years, as you focus on the targets and the future of the company, you know, what direction do you want to go as you think about KBR? Yeah, there's no doubt that the KBR that we present in two, four, five years or whatever, will look a bit different. I think we've proven that we're a company that thinks... tries to see around corners. It's difficult to do that, but we try and do that. We think very hard strategically, and then we try and position the business to take the upside that comes with that. But also with strategy, you've got to decide what you're not going to do, and I think we've been good at that as well. So I think you'll, you know, as things get more commoditized, we'll certainly move out and change our portfolio mix over time. I do think the strategic growth vectors that the team presented are the right growth vectors, and we'll invest in those either organically or acquisitively, and that will put capital to good use. So I think you'll see the shape of the organization move further upmarket, get greater levels of differentiation. We love the IP that's coming out of that domain expertise we talked about, so I think you'll see more and more of that as we progress over time. So it's a very exciting future for us. I think we're on this pathway and, you know, I'm super excited about it, and, you know, I'd love to be standing or sitting here in a couple of years' time and presenting targets that are going up further. you know, God willing, we'll get there. But yeah, so I think it's an exciting time for KBR and certainly the shape of the portfolio, because of those reasons, will change over time, if that makes sense. But I would align with the growth vectors the team presented. Thank you. Mariana Pérez Mora, Bank of America. So on STS, Mura, K-COT, like this is some examples where a technology plus KBR customer intimacy, but also the fielding of the technologies and expertise there, has unlocked significant value. To Jay, what is next there? How large is the pipeline of opportunities? What technologies are you focused on in the future? How much of that is organic versus inorganic? And then to Mark, how much of that potential is embedded in the guidance? Yeah, I mean, we have 80+ technologies, as I mentioned in the slides, and we only talked about few of them, today. I mean, let's start basically with ammonia. I mean, ammonia really, as we mentioned, we're more than 50% of the market share out there when it comes to the gray ammonia. And based over the last couple of years, what we've seen, actually, our market share have even gone higher, when it comes, to blue and green. So today we shared a bit of that, and really it's gonna be ammonia and hydrogen to energy, what the difference is gonna be, right? I mean, historically, ammonia has been mainly for fertilizer and it's growing, you know, as GDP grows 2%-3% or so, population based. So I still see a huge, huge potential for ammonia going forward, especially when the electrolyzer technology, you know, kind of bring us more affordable solution. And definitely the technology that we have when it comes to the syngas, it doesn't matter what color it is, it really kind of provide that. We're gonna see more and more liquid into chemicals as well. Simply basically, we're gonna see more of the power plant being shifted from firing, you know, fuel, liquid fuel, diesel, et cetera, to really gas, and then they're gonna take the liquids basically into petrochemical. And, you know, we talked today about one of the technology, the one we have in olefins, but definitely we've got quite a bit more in there as well. That's gonna continue to grow. We didn't talk much about LNG today. I mean, even though it's not a per se a technology, but it is really domain expertise that we consider a technology as well. Fuel gas is gonna continue to be the transition of fuel for the next 20-25 years. I mean, the world today is short 200-250 million tons of LNG or, you know, NGL that they could use as well. So I would say really, those continue to grow. Now, when it comes to plastic, circularity and Hydro-PRT and our association with Mura, I mean, that's a huge potential growth as well. We believe that we're gonna be circa, you know, 50%+ of the market going forward as well. Then, you know, once we have these operational plant where they become reference plant, I think that's gonna also pick up, quite a bit in there. So I'm gonna turn it over to Mark now to see how much is embedded in there. So I'll give, I'll give him the hard one. Well, look, I think one of the cool things about KBR that we've touched on in the presentation is the great breakout growth potential that has always been with us since we've been on this stage in these events. We've talked about positioning globally, positioning the portfolio, positioning with commercial acumen that we've talked about today, to venture with our customers into new areas and deliver opportunities that are outsized. We see clearly some examples today in MoveHQ or HomeSafe. We saw 50% growth last year in Jay's STS business by being, you know, in a lot of good places at the same time. So these things can pile up in our favor. We also view the breakout opportunities as risk mitigators, because sometimes things don't go our way. You can have a, you know, a political decision to delay something and we need an offset, and I think the opportunities that we show, we categorize this as, you know, multiple ways to make it and the opportunities to position us for that. So we look at a portfolio approach, as Byron said, I think we have a very achievable set of targets for STS. They're, you know, double digits, but nothing like what we saw last year. A lot of things lined up well last year, so we... that is not always going to happen. But I think if the- ... addressable markets and the megatrends play out as we see, we have an opportunity to have breakout growth above our targets. But we're being cautious because we got to deliver, and you count on us to deliver, and you trust us to deliver, so we're cautious accordingly. Thank you. My follow-up is on AUKUS. How much of the $22 billion, or like, how can you measure the opportunity that you are, like, considering by 2027 related to AUKUS in both sides of government? So that was a GSI question. Yeah, I mean, that's the pipeline that we have in our sales force. So we've got our sales and BD teams out there tracking these specific opportunities. So, yeah, because defense is a long-term game, that's why we can look forward with that degree of confidence. Now, that doesn't mean we're going to win all those opportunities, and Byron explained the win rates that we've got going in GSUS, and we're not... And so we're tracking the same sort of approach in GSI. And then there's a portfolio effect. So we saw in Australia, the government back off decisions because you had a change of government, a change of political party. So they stopped taking decisions for a while, and that generally affected our growth rate, certainly, and our performance. We've got elections coming up, in the U.K., obviously in the U.S. as well, and we will find that, that political tempo making a difference in our business, but fundamentally based on long-term contracts with good forward visibility. Yeah, and I think I'd add that, if I could build on that, to think about AUKUS really not as a singular program, right? It's really more of a strategic megatrend, and it's really kind of a very unique trilateral agreement between the three largest allies, really specific around Indo-Pacific, you know, security and cooperation. So you think, again, just about that one KBR synergy. I mean, Jay mentioned he's building, you know, plants in Korea and Japan, and just us having that presence also gives us opportunity. So I would really say throughout our... To answer your question, throughout our targets, you know, AUKUS will have a major kind of trend across specific platforms we're supporting, whether that's UAVs or cybersecurity needs, or, you know, it could be expansion physically as we go into Guam and the Philippines, and other places. So yeah, we have very specific opportunities that have an AUKUS flavor, and then we have this overall kind of megatrend, I think, that's going to continue for a long time. But if you take the very specific AUKUS opportunities, we have two contracts there, one of which we've won in competition, one of which we've won single source, and that's because we had the local presence with the skills, and we were uniquely placed to continue that. So that's submarine skills, which originated from the UK, were transferred across to Australia many years ago, and it just happens that British submariners have nuclear experience, whereas French submariners, which was where the technology was coming before, didn't have nuclear experience. We just added on-contract growth with our Marine Corps contract that we do pre-position stock that's changing how they position assets in the Pacific, so we're getting on-contract growth come through as well. Mm. Hi, guys. Adam Friedman from Jefferies. Thanks for doing this. Can you just talk about liquid to chemicals? Obviously, it's a massive program with a lot of opportunity. What exactly is embedded in the guidance? Obviously, I know there's only so much you can say about the program, but, like, is there a probability of winning there? Is it just 100% incremental upside if you win? Yeah, I mean, I'll talk about the technicality. I'm not sure really if we can share more about the commercials yet, but in due course. But I'll leave that to Mark. I mean, the program itself is really to take 4 MMb of liquid and put them into petrochemical. So if you recall, they tried to do that a few years back. At the time, it was crude oil to chemical, and that did not prove that it has really the right return on the investment. So really what it is right now is you're taking liquid naphtha basically from the existing refinery, and I convert that into basically the chemical. What this does really, basically, you're freeing up some gas to go into the power plant, and by doing so, you're really playing into your game to net zero, and then, of course, the petrochemical give you a friendlier look. The program itself, and I'm not telling you here any secret, is advertised to be $80 billion investment going on at the same time. It's gonna have four mixed feed crackers and one gas cracker going in. We are in the middle of that. We're very positive about it, and I'll leave it at that, Mark, if you want to say a bit more. Well, I think that Jay's track record in the Middle East together with his team is quite remarkable, and so there's a number of projects, including that one in that region, not only Saudi, but in that region, that are in our pipeline book of business and in our embodied growth rates. I would not say it's all, all upside. There is some upside if we do really well on LTC, but I would not call it all. I've got some of that baked in, and... But we have mitigators if that doesn't happen, and we've got other things that are, that are cooking as well. So we run a probability model in the way that we actually book our outlook. So we take all of our prospects, and we go get them. What's the chances of these going all the way to fruition, actually going through execution, and what's our chance of winning it? And so we do a go get, and we take that against the sort of revenue expectations, and that comes out with a number, and we build that right through our model. So it's a very probabilistic model that we build to actually create our outlook. So the answer to the question is, of course, it's an identified opportunity. There are, I think, five project management opportunities. The best that any company can do is win two, just because of the scale. ... and, you know, we'll report back to see how we're doing. If we win one, that would be terrific. If we won two, then, then we'd be the only company that could be able to do that. So we'll, we'll see how that plays out, but one would be terrific. But it is in our pipeline. It is probabilized in the way that we look at our outlook. So if we do win it, there will be upside, but it's not all upside because it's in our pipeline, and it's identified, and I think that's probably the way to think about it. And, and, and it's interesting that LTC is, is on everyone's mind because everyone's talked about it, and rightfully so. It's an enormous $80 billion investment. But the actual overall program includes actually finding the gas to replace the crude in the power stations. And so, as Jay said, there's a big offshore gas opportunity that goes along with the liquid to chemicals opportunity, and if they do well in the gas arena, they'll have excess gas. And what are they gonna do with excess gas? They're actually gonna turn it into ammonia, and there's a big ammonia and hydrogen program sitting in Saudi today to actually then take an offtake into Japan. And why is that going into Japan? Because it's talking about the things we've talked about for a long time, that's to go into the coal-fired power stations to reduce the carbon footprint in Japan as they transition to a hydrogen economy. So all these bits and pieces we've been talking about for some time are all linked together, but the Saudi opportunity is enormous. It's way beyond LTC, and so I think we've got, we've got to start changing the dialogue around that a little bit from specific programs to actually what's the market opportunity. And, and if we, if we do well in Saudi, STS will do really well over the coming years 'cause it's multi-year programs. LTC in its own right is five-seven years, Jay, something like that? Correct. 2030. 2030. So if we end up on that program, we talk about visibility of earnings. That's enormous, right? So, so yeah, so more to come on that, and obviously, Aramco are... This is a big program for them. They're, they-- It's very strategic for the 2030 vision. They're controlling the way that we actually, and rightfully so, they want to control the rhetoric to the market, and we've fallen behind that, and, you know, when the time is right, we'll tell you how we're doing. I just wanted to mention, we'll probably take two more questions 'cause we're at time. So I think, Andy, you're up next, and then Tobey. Thank you, Jamie. So Andy Kaplowitz from Citigroup. Stuart or Mark, you grew maybe just about capital deployment. Like, you grew 16% on average, as you showed us, you know, in both segments over the last few years. You're guiding to 11%-12%, you know, EBITDA growth going forward. Does the $2 billion sort of bridge the gap? Like, you know, I know you don't want to set the target with capital deployment but, like, are we supposed to think that KBR is sort of a mid-teens grower still, you know, or how, how do you think about that? Oh, I'll probably answer that 'cause Mark will be far more conservative than I am. So, I would say with $2 billion at play, we've clearly got deployment optionality. I think part of our history and the success of our history is really through acquisitive strategic acceleration, and we'll continue to look at that and do that. I think it's fantastic we've grown 16% year-on-year, as you rightly pointed out, Andy, but I also think it's fantastic we're laying out the opportunity to grow in low double digits without capital deployment going forward and underpinning that with a huge book of business. So I think it all plays in, as Mark said, that we've got multiple levers, multiple pathways. If some of them sort of align, could we do better than the targets? Of course, we could. Are we signing up to do that today? No. The targets are the targets. That's what we're committing to. You should be super excited about that. I don't know who else is out there giving double-digit CAGRs out to 2027, in truth, but actually backing it up with what you've heard today and with the optionality around capital deployment because of the low capital intensity of this business. So, so that's probably the right way to think about it. How you judge how, how well we do beyond those targets, I'll leave very much up to you. Our commitment is to deliver those targets and, you know, if we do better and update guidance and things as we progress, obviously, we may change our outlook, but right now, that's what we're signing up to. Just maybe a quick follow-up on LNG, since you mentioned it. You do have one very large project that you've been working on. I think it's at full run rate, but I think in your vector, you still have 15%-20% growth. I think that's where LNG is. Can you still grow off that base that Plaquemines is giving you at that accelerated rate? Yeah, I mean, we talked about really how international and global the STS business is. So we're not a single project dependent in any shape or form, right? So we have many, many avenues to get to the growth number we've shown. So we're confident, we're resilient, and the $32 billion in the pipeline kind of speak to that as well. So short answer, just for the sake of time, and I know there was one other question, I think. Yes. Tobey Sommer with Truist. I'm gonna stick on STS and ask you to discuss external investment opportunities, whether it's another discrete technology, an equity-like investment like Mura, or something more substantial in an ongoing business. I mean, we're, we're always looking for new technologies to acquire, where we believe it plays to our sustainability platform, as Adam spoke quite a bit about, and really adds value to our clients. So, you know, we always have a pipeline of opportunity that we take a look in terms of M&A, and, you know, as we said, we, we play smartly when it comes to capital deployment. I think with Mark and Stuart in here, they make sure that we do it as such. Yeah, I think, Tobey, really to sort of... I guess the question was more related to the investment in things like Mura too, and I think the answer to that question, yes, we are open to that. It would have to make sense, both from a sort of market positioning and a return on capital perspective. But absolutely, I mean, if we can identify technology and through our investment, we can actually, you know, open the wallet a bit further for us, as we've done with Mura in terms of the services, modularization, and project management and things as a consequence of that investment. And at the same time, many development companies are really terrific at raising capital, you know, doing offtake agreements and things, but they're not so terrific about actually execution. And I think we can really help with that, with investing, and also by putting capital in, it accelerates the opportunity set as well. So would we be open to that? Of course, we'd be open to that. Will we do more type Mura investments? If we can find them, yes, absolutely. But, you know, they don't just hang on trees. We've got to go and find them and figure out where the market's gonna go, et cetera. But Jay laid out a number of technologies there we think can have an impact like K-COT. Coming back to Mariana's question about, is there another K-COT there? The answer is probably. Will they all perform that way? No, of course not. It's an opportunity for some of them to really give that return on capital over time, absolutely. If we can invest in the development company to accelerate that, of course, we would. And then can we monetize that investment over time? Of course, we would. So I think that's probably the way to think about that. And, you know, we've got some opportunities there, and if they come to fruition, we'll certainly be telling you about them because I think it's really exciting sort of commercial aspect of what we bring to the table that a lot of companies are not doing. Yeah. Stuart, before I wrap this up for the presentation, are there any other final comments that you'd like to offer? No, I just, I mean, I think a terrific job by the team. I want to thank them, really has been, and you, Jamie, it's been a huge effort from you and your team to pull this together. It's terrific, so thank you very much. Thank you. So that concludes our presentation. I also want to thank everyone here for your interest in KBR. And, for those who are online, you know, we can follow up. But for those who are here physically, I want to encourage you to go back to the technology showcase if you haven't had enough time to talk to Francois, Elena, Russ, and Britt. They're fantastic and can share with you some of that information. As well, there are boxed lunches for you to enjoy on your way out, and please don't forget a small token of our appreciation, there's a bit of swag for you to grab as well. Thank you. Thanks, Jamie. Thank you.