“Now we're expecting it to come down slightly as we get into the fourth quarter, but it will still be a substantial inventory build by the end of the year.”

In context

“f you look at our working capital performance continues to be really strong this year. You've seen our year-to-date numbers. You've seen -- even as you project that into the fourth quarter. We are doing an exceptional job managing our days sales outstanding. So despite our top line revenue growth, we are still expecting that overall our AR balance will be neutral, Jeff. And the reason I say that is just kind of shows the opportunities that the business has for continued improvement. And then progress payments, contract assets continues to be a positive as well given the strong growth environment. The part I want to anchor on is a little bit on ground inventory. Given the supply chain challenges that we are having, inventory, as you will see from our Q, was up substantially in the quarter. Now we're expecting it to come down slightly as we get into the fourth quarter, but it will still be a substantial inventory build by the end of the year. And as we look forward into '24 and '25, that should start getting liquidated with improved supply chain performance. So that is where -- I would say that is what gives us the confidence that this will be a continued good cash flow story. Now as you look overall, we'll be at about 160%-plus of free cash flow to net income. Part of that is amortization. But even if you take amortization out, it's still 130% free cash flow performance. So it's still very, very strong. Now on your question between -- I think most of that adjustments below the line are related to spin-related adjustments. I don't think there's anything -- and insurance and spin-related restructuring costs and expenses. And some of that will obviously continue as we go into '24 and maybe even a little bit into '25. But after t”