“This gives us a clear road map to sustain cash conversion at or above 100% through '28.”

In context

“improve, we expect inventory turns to begin recovering. We see a clear opportunity to improve at least 1 full turn from '24 to '28. We'll get there by reducing work in progress and raw material inventory, driven by better flow and continued implementation of a pull-based system with our suppliers. If you look to the right-hand side of the page, you will see a growing installed base and increasing flight departures are fueling strong growth in billings. Take LEAP, for example. Billings are expected to grow 2.5x between '24 and '28. For GEnx, we expect 1.5x increase over the same period. Given shop visit growth, the cash flow from contract assets will not contribute at the same levels as the last couple of years, but billings growth on these contracts continues to support cash flow growth. This gives us a clear road map to sustain cash conversion at or above 100% through '28. To summarize, GE Aerospace is a business with solid operational and financial fundamentals. Revenue growth will be driven by positive secular trends, our growing installed base and our best-in-class products, technology and people. Profit growth will be driven by volume, productivity and price offsetting the typical headwinds associated with new product introductions. Given this strong profit and cash performance, we have ample opportunity to compound shareholder returns. I'll now pass it back to Larry to cover capital allocation and share some closing remarks. Larry? H. Lawrence Culp: Rahul, Thank you. Pulling this all together on Slide 27, as Rahul just walked you through. Our operating performance and robust commercial services outlook underpins our increased guidance of sustainable re”