With me today is Pat Roche, our Chief Executive Officer, and Jennifer Walter, our Chief Financial Officer. Earlier this morning, we released our results and our supplemental financial schedules, both of which are available on our website. Our earnings press release, our supplemental financial schedules, and remarks made during our call today contain adjusted non-GAAP results. Reconciliations for these adjusted results to GAAP results are contained within the provided materials. Lastly, our comments today may include statements related to expected future results and other forward-looking statements. These are not guarantees, as our actual results may differ materially from those described in our forward-looking statements and are subject to a variety of risks and uncertainties that are described in our earnings press release and in our other SEC filings. Now, I am pleased to turn the call over to Pat. Good morning, and welcome to the call. Today, we will share an update on a superb quarter, notable for record sales, record twelve-month backlog, strong operating margins, and strong cash flow. It is a tremendous performance from our teams to deliver three consecutive quarters of record sales and to continue to drive our margin enhancement initiatives. For that, I wish to thank our Moog employees globally, who contributed to our financial performance in the quarter and the operational improvements over the last twelve months. Before we get into the detail on the quarter, let me first reflect on what has been an exceptional year for our company. We delivered record sales, we increased operating margin, and we built an all-time high twelve-month backlog. We have grown revenue over 11% organically to $3.3 billion. Each of our three segments contributed double-digit organic growth. The growth was led by recovery in commercial aircraft, by broad-based demand for our defense and space applications, and by strength in our industrial automation and flight simulators. In addition, we have been successful in winning new business with exceptionally strong order intake on the defense side of the business, increasing our total backlog to just over $5 billion. We have expanded adjusted operating margin by 70 basis points from 10.2% to 10.9%. This is notable progress and a great start to our margin enhancement journey. The effort invested in both pricing and simplification are already delivering improved financial outcomes. Adjusted earnings per share improved by a solid 11% to $6.15, and would have been even stronger if not for increased interest costs. We certainly have had challenges through the year with supply chain and specific labor availability issues, especially in the first two quarters. Those challenges have eased in the back half of the year, and we saw further improvement in Q4, finishing the year with strong cash generation. Now, let me turn my attention to the operational actions that we are taking to drive our performance improvement. Firstly, customer focus. We have completed the separation of aircraft into military aircraft and commercial aircraft segments. The business leaders have direct responsibility for the focused factories, the dedicated staff, and the production resources for their respective businesses. They are fully accountable for operational and financial performance of the business, and each leader can now better align the business model with the distinct end market needs. Our forward guidance provides you financial visibility of these new segments. We have also completed delivery of our first four Meteorite satellites to our customer. Payload integration and testing of hardware and software have been completed successfully. This is significant progress for us in our space vehicles programs. On a further positive note, we are making progress slowing the growth of physical inventory. This is a sign of improving supply chain and labor market conditions, resulting in better production flow and labor utilization. This is enabling us to better meet our customer commitments. Next, people, community, and planet. As I stated in my first earnings call, I believe that we have a moral responsibility to be good stewards of our planet for the next generation. I want to let you know that we're making good progress in characterizing and measuring emissions, and we've already published a sustainability and disclosure report last year. We've now baselined, within our own facilities worldwide, our CO2 emissions, water usage, and hazardous waste production. We are strongly committed to drive improvement, and I can announce today that we are targeting a 40% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2030. Finally, turning to financial strength. We are making excellent progress in driving margin enhancement through pricing and simplification. On pricing, we have had good success working with our customers across all end markets to adjust pricing so that it better reflects the value that we deliver. Those negotiations have taken place over months, and in some cases, years. The impact is now feeding through to our financial results, notably within industrial in the second half of the year and within aircraft in the current quarter. Those agreements, already concluded, deliver a substantial portion of our planned operating margin expansion out to fiscal 2026. On simplification, we've increased the pace of simplification throughout the organization. This is evident in various initiatives. Firstly, portfolio shaping. We are well advanced in the sale of our industrial hydraulics business in Luxembourg, which we hope to complete before the end of the second quarter, fiscal 2024. We will also dispose of another industrial business before the end of fiscal 2024, and have consequently taken a substantial charge in this quarter. Footprint, we have closed 6 sites in fiscal 2023, a mix of sales offices and remote engineering sites. We also sold 3 factory buildings that we had previously vacated through prior footprint closures. We announced a further 2 manufacturing site closures, the first of which will complete in fiscal 2024. On Focused Factory, we continue to segregate product by end market in order to simplify our manufacturing plants. We have several changes underway, including moving aerospace products out of our industrial facility in Murphy, North Carolina, and using the growth of our space business as an opportunity to tease apart the physical operations of our space and defense businesses, since each are driven by different end market requirements. We continue to build 80/20 momentum in this quarter. Our pilots are demonstrating significant progress in both pricing and simplification. We're also seeing improvement in customer satisfaction and employee engagement. We trained a further 250 leaders in the approach. In addition, we agreed to transfer several more product lines on mature end-of-life aircraft platforms to specialized third-party organizations, from which we expect to see a gain in efficiency. Finally, we added 2 more sites to full implementation under 80/20, bringing the total to 10. Now, before I turn attention to the macroeconomic environment, I'd like to share 2 further updates. First, we report a positive impact in Q4 from the settlement of litigation. We are not able to provide specifics since the terms of the settlement are confidential. We are pleased to have this concluded. Secondly, I'm also happy to report that we're making good progress on revalidating our security clearance with the Defense Counterintelligence and Security Agency. And in the meantime, we continue to work without interruption on awarded defense contracts. We have submitted a mitigation plan that we believe meets the DCSA requirements. As we noted previously, we expect the plan to involve standing up a subsidiary with an organizational structure and procedures to ensure the protection of classified information. We're hopeful to have the situation resolved within the next 2 quarters, and we'll provide an update when we have additional information to share. As a reminder, this matter relates solely to classified U.S., military programs. Now, turning to macroeconomic and end market conditions, it is shocking that we now have war in Ukraine and the Middle East. Simmering geopolitical tensions are leading most nations to reassess their national security and to increase commitment to defense spending. Defense constitutes half of our book of business. The commercial aircraft market continues to strengthen. We have a clearly defined wide-body production ramp over the next few years towards 10 and 9 ship sets per month in fiscal 2026 for 787 and A350, respectively. We see no change in those plans. Industrial markets continue to soften. There has been a gradual reduction in book-to-bill ratio over the last 6 months. Market data, such as the Manufacturing Purchasing Managers Index and the survey data from the German Engineering Federation, or VDMA, all indicate contraction. We expect this to continue, and we are managing our business accordingly. Now, looking forward to guidance for fiscal 2024. We continue to execute on our Investor Day initiatives of growth and margin enhancement. Our fiscal 2023 performance was in line with our expectations, and we are building momentum going into fiscal 2024. For that reason, I'm confident in laying out our guidance for 2024, which includes solid revenue growth of 4% year-over-year, yielding a 7% CAGR growth from fiscal 2022 to fiscal 2024. Secondly, strong margin enhancement, with adjusted operating margin up 110 basis points to 12%. And thirdly, modest free cash flow. Our guidance is in line with our stated Investor Day targets: solid revenue growth, strong margin enhancement, and modest, modest cash flow. Our growth in 2024 is driven by the continued commercial recovery, a full year of V-280 development, broad-based growth in defense and space, offset by a decline in industrial automation. We continue to execute on our pricing and simplification initiatives, and we will update you on progress throughout the year on portfolio shaping, footprint rationalization, and building our 80/20 maturity. Now, let me hand over to Jennifer for a more detailed breakdown on the quarter and on our guidance. Thank you, Pat. I'll begin with the headlines for FY 2023, followed by a more detailed review of our fourth quarter financial performance. I'll then describe our initial guidance for fiscal year 2024. Sales for FY 2023 were at a record level, coming in at $3.3 billion. This represents a 9% increase over FY 2022, and adjusting for divestitures, 11%. Each of our segments contributed to our strong sales growth. The growth in Aircraft Controls was driven by the commercial aircraft recovery, offset somewhat by declining funded development work in the military business. In Space and Defense Controls, sales grew as a result of the production ramp on the reconfigurable turret program and strong demand for satellite components. The growth in Industrial Systems related to increased demand for capital equipment, driving industrial automation sales, as well as air traffic recovery, boosting flight simulation activity. Our adjusted operating margin of 10.9% increased 70 basis points over FY 2022. In industrial systems, our margin expanded 200 basis points, largely due to pricing initiatives. In aircraft controls, our margin expanded 70 basis points. Again, pricing was a key driver of margin expansion, though reduced somewhat by negative impact on military aircraft funded development work. In space and defense controls, our margin contracted 40 basis points as charges in our space vehicles business snapped an otherwise stronger core business. As Pat described, we've made progress in both our pricing and simplification efforts. Pricing has already begun to contribute to our margin expansion in fiscal year 2023. Margin loss from our early learnings in space vehicles is behind us, and we'll see that benefit come through in fiscal year 2024, and simplification efforts will show up more meaningfully in the out years. Our adjusted earnings per share of $6.15 were up 11%. This increase is driven by our adjusted operating profit, which grew 17%, offset by a significant increase in interest expense. For the year, we had negative free cash flow of $37 million. This resulted from an increase in working capital, specifically physical inventories and a high level of capital expenditures as we invest in our facilities. Let's shift over to our fourth quarter results. The performance of our underlying business in the fourth quarter was exceptional. For the third quarter in a row, we hit a record level of sales for the company. Our key initiatives drove our operating margin expansion and cash flow performance was robust. We made progress on simplifying our business and took some charges in the fourth quarter as a result. We incurred $17 million of impairment and restructuring charges associated with planned portfolio and footprint rationalization activities, mostly in industrial systems. We also continued our journey to get out of the pension business, settling over $4 million of our projected benefit obligation through a lump sum buyout, which resulted in a $13 million non-operating settlement charge. We also recorded $4 million for unrelated asset impairment. I'll now talk through our fourth quarter results excluding these charges. Sales in the fourth quarter were $872 million, increasing 14% over the same quarter a year ago. The largest increase was in aircraft controls. Sales of $377 million increased 16% over the same quarter a year ago. Commercial OE sales in the quarter were strong, driven by the continued market recovery in wide-body platforms, as well as the growth on business jets. Commercial aftermarket sales were at a record high. We had strong sales on the A350 program, which has been steadily ramping over the past several quarters. We also sold inventory associated with mature programs that we decided to exit as part of our simplification efforts. Sales in space and defense controls of $241 million increased 11% over the fourth quarter last year. Adjusting for the divestiture of a security business last year, sales increased 13%. The sales growth was driven by increased activity on avionics and components for satellites and new defense work that's ramping up. Industrial system sales increased 12% to $254 million. We experienced sales growth related to high demand on flight simulation systems associated with recovery in commercial aircraft flight hours. In addition, our industrial automation sales grew, driven by demand for capital equipment. This business has recovered nicely since the pandemic, though we've been seeing orders slow down in recent quarters. We'll now shift to operating margins. Operating margin, adjusted to 12.5% in the fourth quarter, increased 210 basis points from the fourth quarter last year. The increase is due to pricing initiatives and, to a lesser extent, transactions resulting from our focus on simplification. Operating margin in aircraft controls was 12.8% in the fourth quarter, up nicely from 10.7% in the same quarter a year ago. The increase was driven by retroactive pricing in the fourth quarter. In addition, as part of our 80/20 work, we've exited some mature commercial platforms and sold associated inventory. The resulting benefit to margins from that activity was offset by charges on funded development work that's winding down. Operating margin in space and defense controls was 12.8%, up from 9.4% a year ago. This quarter, we had the benefit of lower charges associated with our space vehicle startup business, stronger core business performance, and pricing initiatives. Operating margin in industrial systems was 11.9%, up 110 basis points over 10.8% in last year's fourth quarter. Benefits associated with our pricing initiatives drove this margin expansion. Interest expense is another area that's impacting our financial results. In the fourth quarter, interest expense was $18 million, up $7 million over the fourth quarter last year. Our adjusted effective tax rate in the fourth quarter was 18.5%, down from 23.4% in the fourth quarter last year, as we've benefited from higher levels of R&D tax credits. Putting it all together, adjusted earnings per share came in at $2.10, well above the range we provided a quarter ago. EPS was up 54% from the same quarter a year ago, driven by the increase in operating profits and the benefits of a legal settlement and lower tax rate. Relative to the midpoint of our previous guidance, our EPS was up $0.03 after adjusting for the lower tax rate and legal settlement. Let's shift over to cash flow, which was another highlight for the quarter. In the fourth quarter, we generated $105 million of free cash flow. This represents free cash flow conversion on adjusted net earnings of over 150%. The key driver to the strong cash generation this quarter was working capital, in particular, collections from customers and timing of compensation and vendor payments. Capital expenditures were relatively high at nearly $50 million this quarter as work progressed on facilities, most notably our Advanced Integrated Manufacturing facility for military aircraft. We're continuing to invest in facilities to accommodate our growth, focus our factories, and enhance our capabilities through automation. Our leverage ratio, calculated on a net debt basis as of the end of the fourth quarter, was 2.2 times, around the low end of our target range of 2.25 times to 2.75 times. Our capital deployment priorities, both long term and near term, are unchanged. Our current priority continues to be investing for organic growth. We'll now shift over to our initial guidance for next year. Fiscal year 2024 will be another positive step in our journey towards our long-term financial targets. Our operating margin will expand by over 100 basis points, and earnings per share will increase over 10%. Over the past several months, we've worked on separating our aircraft business into two segments: military aircraft and commercial aircraft. As of the beginning of FY 2024, they're officially split, and we will now begin to report on them as separate segments. The sales breakdown that we've historically shared will largely be the same as in the new organization. I'll also share estimated operating margins for these segments looking back at FY 2023. We're projecting sales of $3.5 billion in FY 2024. That's a 4% increase compared to FY 2023 and a 7% CAGR from FY 2022. We're projecting sales growth in military aircraft, commercial aircraft, and space and defense, and expecting a decrease in sales in industrial. The largest increase in sales will again be in commercial aircraft. We're projecting sales to grow 14% to $785 million. The production ramps on our wide-body programs, most notably the 787, account for most of the increase in OE sales. Aftermarket sales will decrease from the record high in FY 2023, reflecting the absence of some one-time sales activity that occurred in FY 2023. Space and defense sales are projected to increase 7% to $1.0 billion. We're seeing strong defense demand across our entire book of business. Areas in which we're experiencing strong demand, in particular, are satellite components, missile control, and new defense programs. Military aircraft sales are projected to increase 5% to $735 million. A full year's worth of V-280 sales will drive OE sales up in FY 2024, while aftermarket sales continue to soften as defense priorities shift to modernization. Industrial sales will decrease in FY 2024. We're projecting sales of $915 million, down 7% from last year, or 6% when we adjust for divestitures. This decrease relates to the softening of orders that we're seeing in industrial automation and is consistent with macro indicators for capital spend. We'll see increases in our other submarkets partially offset the lower industrial automation business. Let's shift over to operating margins. We're projecting our operating margin in FY 2024 to be 12.0%, a 110 basis point increase over FY 2023. Operating margins will expand in each of our segments, with the exception of commercial aircraft. Our operating margin in space and defense will increase 300 basis points to 13.5%, due to the absence of charges on our space vehicle program and reflecting our otherwise strong operational performance. Military aircraft's operating margin will increase 280 basis points to 11.6%. We'll benefit from having a full year of activity on the V-280 program in FY 2024. In FY 2023, our activity was interrupted by the delay in the contract award, followed by a ramp-up to the current activity level. In addition, charges incurred on certain funded development programs will not repeat as those programs are winding down. Pricing will continue to drive operating margin expansion in industrial controls, where operating margin will increase 80 basis points to 12.3%. In commercial aircraft, our operating margin will decrease 260 basis points to 10.2% as aftermarket specials don't repeat. In FY 2023, we had a number of one-time aftermarket initiatives that contributed nicely to our operating margin, as well as the sale of inventory upon exiting some mature programs. For FY 2024, we're projecting adjusted earnings per share of $6.80, ±20 cents, which is up 11% over FY 2023, reflecting strong operational performance. For the first quarter, we're forecasting earnings per share to be $1.45, ±10 cents. Finally, turning to cash. We're projecting Free Cash Flow for FY 2024 to be modest. Relative to FY 2023, we'll see stronger cash from net earnings and working capital, while capital expenditures remain around the same level. We'll use less cash for working capital needs next year. Physical inventories will grow at a slower rate, reflecting the improvement we saw this past quarter. However, we'll see pressure from customers as we work down advances that came in during FY 2023. Overall, we had a great quarter, and our outlook for next year looks strong. With that, we'll turn it back to Pat. Thank you, Jennifer. I'm really pleased with our outstanding performance this quarter, and I look forward to another year of even stronger performance in fiscal year 2024. Now, let's open the floor up to questions. If anyone would like to ask a question, please signal by pressing * one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. A voice prompt on the phone line will indicate that your line is open, so please state your first and last name before posing your question. Again, you can press * one to ask a question, and we'll pause for a brief moment to allow everyone an opportunity to signal for questions. Our first question is coming here from Cai von Rumohr with TD Cowen. Yes, thank you very much, and good performance. Did I miss it? I didn't hear a guide for free cash flow in 2024 and much color in terms of what you expect. Hi, Cai. We've shared that it's gonna be modest. So we're gonna have positive cash flow generation next year, but it's not gonna be at a robust level. That's similar to what we had projected and shared back in the Investor Day in June. Looking at some of the pieces that make up our cash flow, we're gonna have adjusted net earnings that are up. That's up about $20-$25 million, so that's a big part of it as well. Capital expenditures will stay around the same level. We'll have a little bit of an increase in depreciation and amortization, but the two things that are gonna be moving the most are both happening within working capital. The pressure that we'll see is actually gonna be in receivables and advances, and it's really related to the advance side of it for the most part. We got great customer advances in 2023, especially earlier in the year. We had it on military commercial programs. We had a nice advance on the RIwP as well. We started working them down later this past year, and we're gonna continue to work them down such that the combination of receivables and advances is gonna be pressure for us next year. But the real change that we're gonna see, the improvement is gonna be driven by our physical inventories. We had a significant use of cash for physical inventories this year, you know, especially in the middle part of the year. So we've made improvements. In the fourth quarter, we still grew our physical inventories, but it's been obviously a nice growing business, and we've been able to slow that down for two reasons. We're seeing benefits on the external standpoint. We've seen some components come in, shake out, that we can actually get product out the door to a greater extent than we have in the past. In addition, we've got higher utilization within the company that's helping that flow as well. So we're projecting that the use of cash for physical inventories is gonna continue around the improved level that we saw in the fourth quarter for all of next year. So that really makes it a much more better situation for cash than it was in 2023. Obviously, in 2023, we used cash. We'll generate cash next year, but there's still pressures associated with a growing business, so cautious from that standpoint. Cai, that's on a path towards improvements again in fiscal 2025 and 2026. And as we said in Investor Day, we'd expect free cash flow at that time to be up around 75%-100%. Got it. And then, basically, if you could give us where are we in terms of Meteor and Meteorite charges? I guess Meteor has been delivered. Are we through those charges, or do we still have exposure? We've made a lot of success, I think, Cai, in reducing the risk on those programs. As we said, as I mentioned in my notes in the call, you know, Sorry, four of the units, the first four Meteorite units have shipped to the customer. They've been integrated with the customer's hardware. They've been tested. They've been subject to environmental testing, and they're ready for launch. So that's a really positive step forward. So the risk is burned down significantly in those programs. We haven't yet shipped a Meteor satellite to the customer. They are in development and finalization. I think it'll be sometime during next year that we deliver a Meteor satellite to a customer. There are some further deliveries of Meteorite. I think there's another three units have been delivered to our customer site. So my summary is that we're making good progress with it, Cai. We've more, more and more hardware shipping through. There's still some development work ongoing, so you can say, yeah, there still remains some risk, but we're not anticipating any charges. ... Good. And, and I guess the last two, first, you know, can you give us any color in terms of the quarterly rollout of earnings over the year? And, and maybe on the industrial, you're looking for a big dip in industrial automation. How much of that is the divestitures, and how much of that is just the business softening? The Luxembourg entity that we're looking to divest is about $15 million of revenue in total. So that's maybe helps you characterize the piece that's being taken out of the business. We are expecting a slowdown in the industrial automation business. We've sort of signposted it for a while now, that the economies are slowing down, and Germany has seen, you know, two quarters of basically stagnant economic growth. And so we've built that into our plans for the year. I mean, we've already. We took some restructuring charges in this quarter. That's sort of getting ahead of that contraction in business that we're showing here, and that's what helps us maintain our profitability through the year in the industrial side. The other thing is that we've had nice margin expansion from pricing in industrial during FY 2023. We're going to build on that going into 2024 as well. But, I mean, you have the sales down. Usually, you don't account for divestiture until it's done. So, have you? Is the 50, you know, is your guide assume the $15 million or the $15 million from Luxembourg will take it down even further? Um, I- It's only in for a short period- Yeah ... at the beginning of the year, Cai. We have it in for a quarter, out of the four, out of the four. Okay. The quarterly pattern, what are you looking for in the first quarter? What sort of a range? So in the first quarter, we're looking for $1.45 ±$0.10. So it's a little bit of a slower start. We've seen that in other first quarters as well, and so that's what our numbers are telling us. And we'll share more on the second quarter as we get into the first quarter. Thank you so much. Welcome. Thank you, Cai. We have a question coming from Michael Ciarmoli with Truist Securities. Hey, good morning, guys. Real nice results. Thanks for taking the questions here. Pat or Jennifer, just can you give us any sense as to what the pricing true up in commercial was in the quarter? I was thinking maybe $6 million ballpark or so. Just trying to get a sense of what the underlying margins, you know, are looking like in 2024. You know, obviously, you got that big bump here in the fourth quarter. Yeah. So when you look at 24, you see that our commercial margin is down because we don't have that true up. So that is actually making up for a large portion of that. There's less aftermarket in 2024 as well. Yes. And the aftermarket is, good, good, got good margins. So the mix shift as well, Michael? Okay. What was it about? Was it in that $6 million range that you took retroactively in the quarter? Just so we can kind of do some rough math on it into next year. We've only a limited number of customers there, Michael. It's getting too sensitive- Okay. -to giving out actual numbers. Sorry. Fair enough. Got it. And then, same thing for aftermarket, I guess. You know, good year, tough comps. You're, you're selling, some, some lines there. Are you seeing any changes with the underlying trends, you know, on an apples to apples, the businesses that you're keeping? for the commercial aftermarket? Commercial, commercial aftermarket, yeah. Yeah. Yeah, so that business, we definitely had so many specials that came in. You remember that we had specials in FY 2022, and a bunch of those actually continued into 2023 as well. The one part that we've seen growth in the underlying business is on the A350, and that's happened over the past few quarters. So we're still seeing that continue to grow. But most of the underlying business, I would characterize as stable, with maybe that one exception. And then you've got the noise, the very positive noise that we experienced in 2023 associated with certain initiatives and activities that we've had on platforms that are not of a recurring kind of constant base, as well as, you know, exiting some work that we were able to sell some nice inventory out from. Sure. I consider it stable, but there are certain elements that are growing somewhat. I'd agree with Jennifer's comments. I mean, flight hours and fleet utilization are high again, and that's, that's what, that's the stable part of it that's driving more business into us on the aftermarket side, and it's the absence of the specials that really is reflected in the reduction. Got it. Got it. Then just back to Kai, if we take one more, one more shot at modest cash flow. I mean, the puts and takes, if we can look at net income, D&A up a little bit, CapEx, sounds like inventory still builds. I mean, is modest $25 million, is that, is that kind of how we're... I know it's consistent with what you guys called out at the Investor Day, but is, is that the general direction, or is there a bigger sort of advanced repayment receivables headwind? Yeah, the biggest thing that's gonna happen is gonna be the change in the physical inventories because we grew so much. As you saw during the year, we had such wide variation in our cash flows, and even this quarter, we came in higher than we were anticipating. So the timing of these things just can have some decent-sized variability, and that's why we've limited to just saying modest. It'll be cash flow. Okay. Not looking at, you know, $2 million of cash flow or something, you know, just close to zero. But we're not at the robust level that we'll ultimately get back to, either. The big driver is gonna be really in the physical inventories. We're seeing that utilization internally come through, and that feels like we're in great shape. What's happening there is, there's more of the training that's happening that's getting through in our throughput. And so that's actually helping. We don't have as much turnover, where we need to have more folks go through training, where they've got those hours that are not efficient in it. So that's definitely turning. What happens in supply chain? We saw some good news this quarter. We'll have to see how that actually comes. So that's a variable that we've got with us, but we're projecting right now to be at the level of growth that we had in the fourth quarter, which was quite low compared to where it was in the first three quarters of the year. So that's where we are on projecting that. We'll have free cash flow generation, but we're also mindful that we're growing the business as well. Got it. Got it. And then last one for me. I think, Pat, you made... and Jennifer, you made a lot of comments, a lot of different markets. Didn't really hear much on medical. It looks like it's only gonna be up about 1%. Any kind of simplification, restructuring, pricing, anything that you can say in sort of that market on in terms of what's happening, you know, 2023 to 2024? Yeah. There was some realignment going on within the market, with some of the distribution channels changing during the course of 2023, Michael. That resulted in some flow-through of, or flushing through of inventory that was in the system, and so that caused a reduction in demand on us. That's partial part of the picture. That's still normalizing. Okay. So that's the main thing that's going on, some changes in the market dynamics. Yeah, let me stop there. Got it. All right, I'll jump back in the queue, guys. Thanks. Thank you. Again, if anyone would like to ask a question, it'll be star one on your telephone keypad. Our next question coming from Kristine Liwag with Morgan Stanley. Hi, this is Justin on for Christine. Good morning. Good morning. Hi, Justin, good morning. You mentioned that defense is now half of the book of business. So I was just hoping you could touch on maybe how you're thinking about the defense budget environment and sort of what are the baseline assumptions that underpin the outlook for next year, and what sort of maybe scenario planning you're doing, given the sort of range of potential outcomes? So the audio broke up slightly when you started the question, but I think it's around the defense budgeting for next year, and is there gonna be any impact if there are, let us say, delays in Congress or delays in continuing resolutions? And if that was the question, Justin, we're not expecting any impact on our business next year as a result of that. That'll be a transient thing that will get resolved, but it won't affect the programs that are actually running in our facilities at this time. Okay, perfect. And, and just maybe back on the margin guide for 2024, is there a way to parse out sort of how much lift is coming from the pricing initiatives versus the simplification efforts? We haven't split that out, Justin, in detail. What we did say during the Investor Day was that the pricing activity would be coming in stronger at the front half of our program over the three years, and the simplification activities would flow through in the latter part of the three-year period. They take a little bit more time to execute, and therefore you see the benefit of them further downstream. So what you're seeing, today and in the last six months or so, feeding through in industrial and in aircraft group, is predominantly coming from pricing activity. Okay, great. Thanks. You're welcome. There are no additional questions in the queue. I'll turn it back to you, Pat, for any closing remarks. Thanks, thanks, everyone, for attending the call. I think we had an outstanding quarter. We're really pleased with the progress we're making on our journey, and we look forward to reporting further progress in the Q1 call, which will be my fifth earnings call. Thank you very much. Bye now. This concludes today's call. Thank you for your participation. You may now disconnect.