“Yes, we'll get modest structural actions tailwind, but they're going to be offset by a cash tax headwind for the year.”

In context

“to be very different in 2023. Given the improving business fundamentals of our now sustainable revenue growth with a high value mix contribution, we see then continued operating leverage. So our cash PTI is going to deliver a substantial amount of that free cash flow generation year-over-year. We're still going to get working capital efficiency. So our realization will definitely be up over 100%. But that's really given the volume dynamics of what happened in the fourth quarter with a very strong and accelerated growth profile as we went through fourth quarter, we finished extremely strong on our transactional business in the month of December. So that now creates an opportunity for free cash flow generation in 2023 and that's in our guidance. And then there are some other puts and takes. Yes, we'll get modest structural actions tailwind, but they're going to be offset by a cash tax headwind for the year. So that kind of plays out 2022 and 2023 now. How does that relate to a mid-term model? First of all, we're one year into that mid-term model. And as I talked about, the dynamics in dealing with the decision to exit our Russia business and the significant US dollar appreciation, I quantified it for you over a $600 million impact on profit and cash. But as you all know quite well, that's not a one-time impact, that will continue over a multi-period and it definitely puts pressure on our mid-term model to the tune cumulatively about over $2.5 billion. So, we are entirely focused on how we execute this company on a sustainable revenue growth profile and generating that $10.5 billion of free cash flow. So it enables us, with the right ample financial flexibility, to continue to invest in our b”