“So I would expect in the years to come that we still have opportunity to continue to drive asset productivity there and that's going to be part of our formula going forward, as it was in 2024 and our outlook for 2025.”

In context

“about one day which essentially offsets the growth that we're going to see from we would otherwise see in working capital. So what we're trying to do here is just prevent it from being a use of cash and have it be neutral. The opportunity set obviously would be to drive beyond one day and there's still opportunity I talked about before, particularly in our contract assets, our unbilled receivable. There's some opportunity there as we work through on the F-35, both in production as well as sustainment, but there's really opportunities across the portfolio. Sikorsky has a number of opportunities there on their programs as well as even segments Space and MFC, those are outstanding working capital businesses on a standalone basis. But even so, there's opportunity in the contract assets there. So I would expect in the years to come that we still have opportunity to continue to drive asset productivity there and that's going to be part of our formula going forward, as it was in 2024 and our outlook for 2025. Operator: The next question comes from Gavin Parsons with UBS. Your line is open. Gavin Parsons: Hey, thanks. Good morning. Jay Malave: Good morning. Gavin Parsons: Could you just dig in a little further on the free cash flow bridges, the EBIT and EPS bridges were super helpful in the deck. But just given a lot of moving pieces in cash flow like the F-35 inventory unwind pension contribution recovery, Lot 18 cash timing. Maybe I missed that one. But if we could just kind of do a bridge walk on cash flow, that would be great. Jay Malave: If you just start from this year, adjusted cash flow at 6.1. So adjusted for the pension contribution in 2024. As we mentioned that we expected anywhere around close to a billion dollars of benefit on F-35 with the delivery of -- with higher deliveries as”