“However, the ingredients are there for growing aftermarket and don't forget about Pratt Canada and the military engine business, both very profitable, above, well above where the Pratt composite margin is today, and those will continue to grow in volume as well, contributing to improved margins in the Pratt business.”

In context

“to put a number on it. But certainly, the ingredients are there. Chris talked about the V2500. Today, if you asked us a year ago about the outlook on shop visits, it would have been lower. We're seeing improvement in the number of shop visits and the mix. Those are much heavier on the V. So I see sustained revenue and profit from those aftermarket visits over the next several years as well. All of that, I think, puts us in a position where Pratt's margins continue to expand sequentially as we go through '25, '26, '27. As we've talked about longer term, Pratt is a mid-teens, low to mid-teens business. We've seen those kinds of margins in the past. We've gotten a lot of our engineering and development behind us with respect to the GTF advantage that will start to shift to other priorities. However, the ingredients are there for growing aftermarket and don't forget about Pratt Canada and the military engine business, both very profitable, above, well above where the Pratt composite margin is today, and those will continue to grow in volume as well, contributing to improved margins in the Pratt business. So all the right ingredients and feeling really confident about the GTF advantage, which will continue to grow and start to overtake that V2500 as those volumes come down late in the decade. Operator: Our next question comes from the line of Noah Poponak of Goldman Sachs. Noah Poponak: Chris, you've made a few comments on the call here, suggesting overall aftermarket MRO I guess, engine and outside of the engine are different, but that aftermarket capacity has improved, I guess, has there been a step function improvement in ability to get work through? Or is it more of a stabilization? I'm just curious if you can put a finer point on that. And then, Neil, on the R&D cash and free cash flow, is there any refund or retroactive catch-up? Or is it pure you had an expense versus amortization m”