“What's going to be a bright spot for Collins this year is mods and upgrades. That will be over 10% coming off a year that was flat.”

In context

“io? Thank you. Neil Mitchill: You're welcome, Ken. Let me start with the last part. We haven't really seen any significant destocking. Obviously, the aftermarket growth for the last several years has been tremendous. And I think we're expecting at the RTX level about 10% growth again here in 2025. If you think about the Collins side of the business in particular, and break it down a little bit, we still see parts and repair up in the high single-digits, maybe a little bit better. We're getting really good -- obviously, installed base is growing. I just talked about that, plus we're getting good pricing. On the provisioning, probably a little bit more in line with the OE growth, mid-single-digits, which tends to track sort of the install -- or not the install, the delivery of new aircraft. What's going to be a bright spot for Collins this year is mods and upgrades. That will be over 10% coming off a year that was flat. Obviously, that depends on the kinds of upgrades that are required, often regulatorily driven. But that's another area that's expected to be strong for Collins as we go through 2025. So, feel really good about where we are. And obviously, going back to that installed base of $160 billion, and over at Pratt, it's also very significant, so a lot of tailwind in the aftermarket going forward. Operator: Thank you. Our next question comes from the line of David Strauss of Barclays. Your question please, David. David Strauss: Thanks. Good morning. Chris Calio: Hey, David. David Strauss: Two-part question. Neil, first on GTF aftermarket, you gave some rough color there. Could you just be a little bit more precise where exactly you're booking GTF aftermarket today, I guess, in 2024 and expectation”