Efficient high speed propulsion requires exploiting the cooling capability of the cryogenic fuel in the propulsion cycle. This paper presents the numerical model of a combined cycle engine while in air turbo-rocket configuration. Specific models of the various heat exchanger modules and the turbomachinery elements were developed to represent the physical behavior at off-design operation. The dynamic nature of the model allows the introduction of the engine control logic that limits the operation of certain subcomponents and extends the overall engine operational envelope. The specific impulse and uninstalled thrust are detailed while flying a determined trajectory between Mach 2.5 and 5 for varying throttling levels throughout the operational envelope.