Noah Poponak: Okay. And I guess putting a lot of this together and everybody trying to figure out where the 2024 free cash is going to land. Is it kind of reasonable to think of 2024 as just two halves and that some of your hesitation in giving some of those numbers is you just don’t know exactly where the year starts. Is there still some 737 disruption? 787 at five is a different margin than 787 at 10? Maybe BDS margins are still negative in the first half, but they’re positive in the second half. And so this next year’s first half free cash flow just still have some of 2023 elements lingering in it, but that the second half will be kind of run rating into more of what your stable looks like and maybe second half 2024 looks, the numbers look more like second half of 2022 type of free cash flow numbers. And we can comfortably think of that as run rating into your future?
Brian West: Yes. No, all of that is going to have to be something we talk about in January. Right now, we have to get the non-conformance behind us. We have to be able to hit this delivery range that we’ve just described. And we have a lot to do, but confidence we’ll get there. And then we’ll describe the shape of next year at the right time. I just don’t want to get too far ahead of ourselves. And I do believe that as – I do believe next year will be better, and I do believe we’ll exit next year better. How that folds up between halves, you’re just going to have to give us a little bit more time as we work our way through our planning cycle and we get to January.
Dave Calhoun: Noah, if I could just maybe add one thing to make sure everybody knows what, at least what I’m all focused on. We’re going to exit this year with a little more than 100 of the return-to-service airplanes that we had at the end of 2020. That is what our shadow factories are focused on in a big way to make sure that we can bleed that down to basically nothing by the end of next year. So the pace at which we bleed that down, we complete that rework, deliver all those airplanes dictates a lot about that cash flow. It gets better every month. But it’s going to be all about the pace at which we can do it and transfer that workforce into the production rate increases. So we need – there’s a lot to know about that. We’re going to give you our best shot at what that guidance looks like. But by way of proxy, that is a very important achievement for us. And I’m 100% focused on it, and I know Brian is and the team at BCA.
Noah Poponak: Okay, thanks so much.
Dave Calhoun: Yep.
Operator: Thank you. Our next question is from David Strauss from Barclays. Please go ahead.
David Strauss: Thanks. Good morning everyone.
Dave Calhoun: Good morning.
David Strauss: Wanted to ask about the supply chain. Are there any other spots – hot spots in the supply chain where you’ve either had to infuse a meaningful amount of cash like you did with Spirit or are in negotiations to do something similar to what you’ve done with Spirit? That’s the first question. And then the second question, I guess a clarifying comment for Brian. On the BCA margin progression next year turning positive, is that both on a program on a unit basis or would that just be on a program basis? Thanks.
Dave Calhoun: Brian, how about I answer the first part of this one? I consider the Spirit remedy fairly unique, in fact, totally unique. I don’t think that’s going to have any ramifications anywhere else, and there aren’t any signals that way. But the linkage really is important. As Spirit becomes stable and we get to our rates, rates solve most of the supply chain’s problems. We got to get to those rates so that they can make the kind of money that they associate with those rates and we get to where we need. So there is a linkage, but it’s not a copycat linkage, and there’s no sign of that happening.
Brian West: And in terms of the margins on both unit and program, they’ll be positive. And program, we’ll have growth. So we look forward to describing that as we get closer to January but both.
David Strauss: Great. Thanks very much.
Dave Calhoun: Yep.
Operator: Thank you. And our next question is from Rich Safran from Seaport Research Partners. Please go ahead.
Rich Safran: Thanks, Brian, Matt. Good morning. I got a two part tanker-related question for you. First, with Lockheed dropping out, when do you expect an award? And what could that do to your overall assessment of program profitability? I’m basically assuming here that you would have to review the accounting on the program. Second part is with deliveries restarting, what’s being anticipated? I mean, how much of a catch-up should we expect in 4Q? And is that being factored in your guide?
Dave Calhoun: Well, let me just comment on the tanker. I’m not surprised at what we all read with respect to Airbus now going on their own. They will go. So we shouldn’t expect them to sort of vacate. I do like what it ultimately does for us and the competition. We are not afraid of competition. And yes, that next contract matters a lot. We have to ultimately underwrite the cost and get this right. And as we’ve committed to you all along, we’re going to stay disciplined on that front. And no, there’s not – this isn’t program accounting, it’s contract accounting. So I don’t think we’re going to have any implication associated with lots and an additional contract. Now I’m not the accountant. So I’ll ask Brian to collaborate.
Brian West: Yes. No, exactly. We don’t see that changing. We’ll just add to volume like we do with any kind of extension. And in terms of your question in the fourth quarter, of course, any kind of deliveries and cash flow are going to be factored into our look for the quarter and going forward. So that’s all baked in.
Rich Safran: Thanks a lot.
Dave Calhoun: Yes.
Matt Welch: And that concludes our call this morning. I appreciate everybody joining. Thank you again.
Dave Calhoun: Thank you.
Brian West: Thanks.
Operator: Thank you and that completes The Boeing Company’s Third Quarter 2023 Earnings Conference Call. Thank you all for joining and you may now disconnect.
