“Now, in terms of profile, as we've discussed and you mentioned, the first half will be negative. The second half will be positive.”

In context

“7X spend or BDS losses. We’ve been estimating about a $5 billion outflow this year. I think it’s a little above the consensus of $4 billion. Anything to highlight that you could help us maybe that potentially could be, you know reduce that outflow or how are you thinking? I know you gave us the first half versus second half dynamics, but anything else that you could provide more color on? Thanks. Kelly Ortberg: Yeah, sure Peter. So, 2025 free cash flow is largely going to be consistent with what we'd said at our October earnings call, with the two adjustments that I noted, which is CapEx a little bit higher based on some growth programs that we're anxious to invest in, and the impact of a few hundred million based on the updated BDS charges. So, it's consistent with those two adjustments. Now, in terms of profile, as we've discussed and you mentioned, the first half will be negative. The second half will be positive. It'll be a net usage in the calendar year, but importantly, positive momentum as we accelerate cash flows exiting the year that sets us up very nicely for 2026. Now, in terms of levers, the first half of the year, BCA is going to be negative driven by the working capital usage and continued investment in the 777X program. BDS is going to be negative due to the prior period charges running through, as well as normal seasonality as it pertains to customer receipts. And BGS is going to be nice and steady contributing to the first half. As we go to the second half, BCA is expected to flip positive, because then we'll get the benefit of the working capital as deliveries accelerate while we still invest in the 777X program. Again, it's all going to be a function of our ability to work those hig”