“But we need to continue to ramp output to bend the curve here as we work our way through 2025. And we talked about a plan here of above 30% growth in 2025, and that's going to be critical.”

In context

“ood morning. Maybe, Chris, on powder metal and the GTF, there wasn't a lot of discussion. So I'm taking that as good news that you're still on track, still on plan. And maybe just to put a point to it, it looks like your cash expectation for spend in '25 is the same. Are we still on track for the $800 million to $1 billion step-down in 2026? Chris Calio: Yeah. Thanks, Myles. Let me go through the main components here. As I said upfront, the outlook remains consistent and the underlying technical and inspection assumptions all remain intact. So good news. AOGs have been stable. And now look, I said this before, MRO output is the key enabler. We saw some very good progress last year. PW1100 output was up 30% last year. So very good progress in terms of material flow and in-shop performance. But we need to continue to ramp output to bend the curve here as we work our way through 2025. And we talked about a plan here of above 30% growth in 2025, and that's going to be critical. Now, the supply chain is going to be instrumental in helping us get there. And we've continued to see improvement there. Structural castings were up 12% year-over-year. Isothermal forgings output was up significantly. And of course, that's important as we incorporate full life powder metal parts into MRO. As you know, it's already going into new engine deliveries. So again, there are a lot of puts and takes, as you might imagine, as we're going through this process. And our 100% focus, again, is on bending the AOG curve, to make sure that we get the assets back into our customers' hands as quickly as possible. Neil Mitchill: And, Myles, on the cash side, I think if you think back over the last couple of years, we started out with a placeholder of $0.5 billion, we were able to defer that.”