Jay Malave: Just let me follow up on your last question, David, whether or not there’s upside. Where we see potential increases to where we were at baseline before really is in MFC. Over the next five years, we’ve got revenue potential. It’s around $6 billion. And that would more than offset lost revenue associated with FLRAA should that decision hold. And so net-net, we see that there could be some upside over the next five years.
Operator: And next, we’ll go to Myles Walton with Wolfe Research. Please go ahead.
Myles Walton: Thanks, good morning. Jim, maybe one quick one and one sort of allow you to expand a little bit. When is your expected restart of deliveries in the F-35, as a quick one? And then, obviously, there’s more of a debate going on in D.C. around fiscal restraint and has been in place in the last several years. And so I’m just curious where you think this ends up as one thing, but more importantly, what, if anything, do you do operationally to prepare yourself for whatever the outcomes are in terms of balance sheet holding back on repo or leaning forward, looking for areas where 2023 budget — excuse me, 2024 budget might be in a continuing resolution for a full year. Anything on that perspective from an operational perspective?
Jim Taiclet: Sure, Myles. So as far as timing and resumption of deliveries on F-35, I think it’s really important to differentiate between delivery and production, right? So we are continuing production in the final assembly factories at Fort Worth and Italy and in Japan at the same pace we expected to before the mishap occurred. We’re also continuing to order and receive parts and materials from our supply chain as well. And so once an aircraft rolls out of the factory, our pilots and the DoD pilots conduct a handful of acceptance flights. That’s what’s kind of on hold right now is just that portion of the process. So the vast majority of our revenue, much greater than 90% is earned when the aircraft rolls out from the plant door.
So Jay can add more color on the financial perspective, if you like, a little bit later, but that’s really what happens. And so as far as the timing of resumption of deliveries, we’ll be notified of that when the U.S. government and the propulsion supplier conclude their ongoing mishap investigation. Jay, do you want to add anything to that?
Jay Malave: No. You got it. That’s it.
Jim Taiclet: Okay. And then secondly, we really can’t predict the political dynamic in Congress and — within and with the administration. So we’re going to keep our head down, stay on our plan, do our job and expect that the right thing will occur at the other end of the 2024 budget process, which is fully funding and making available that funding to the department of defense, so we can deter conflict with them and that they can acquire what they need to do that. So that’s our expectation. It’s really difficult for us to lay out what we think the budget process will be given the nature of the House, Senate and the administration right now. But we expect that they are going to come together and do what’s needed to defend the country and get the budget done.
Operator: And next, we’ll go to Noah Poponak with Goldman Sachs. Please go ahead.
