Hayes' recent presentation also raised expectations for growth on the defense side of the business. The official guidance for 2022 calls for low-single-digit growth at Raytheon Intelligence & Space (RIS) and low-to-mid-single-digit growth at Raytheon Missiles & Defense (RMD). In fairness, there's reason to believe it could be a struggle for the defense businesses (particularly RMD). Still, just as with aircraft OEM demand, the biggest problem is overcoming supply chain difficulties to meet demand -- it's not a problem of end demand per se. Indeed, Hayes and CFO Neil Mitchill believe total company defense revenue will grow at a mid-to-high-single-digit rate to 2025. Note that this rate is a significant improvement on growth in 2022. Hayes said there was "an incredible amount of demand" for Raytheon's defense products, partly driven by replenishment of equipment used in the conflict in Ukraine.