“Based on current rates and our hedge positions, we are reiterating our currency outlook of a 2- to 3-point currency headwinds to comparable net revenues and a 3- to 4-point currency headwinds to comparable earnings per share for full year 2022.”

In context

“at the pandemic is still very much a part of the conversation, and a reminder that the recovery path has been and will continue to be asynchronous. Obviously, there are lots of puts and takes at play, and we see a number of potential futures coming at us. But notwithstanding this backdrop, we believe our organization is better prepared today, and we're confident in the flexibility we've built and our ability to manage what's around the corner. We continue to spin the growth flywheels faster, and our local businesses are adapting and executing for growth. With that in mind, this morning, we are reiterating our guidance for 2022. We continue to expect organic revenue growth of approximately 7% to 8% and comparable currency-neutral earnings per share guidance of 8% to 10% growth versus 2021. Based on current rates and our hedge positions, we are reiterating our currency outlook of a 2- to 3-point currency headwinds to comparable net revenues and a 3- to 4-point currency headwinds to comparable earnings per share for full year 2022. Additionally, taking into account our current understanding of recently issued regulations, we now expect an effective tax rate of 19.5% in 2022 versus the 20% that we had guided to previously. All in, we continue to expect comparable earnings per share growth of 5% to 6% versus 2021. And we continue to expect to generate approximately $10.5 billion of free cash flow for 2022 through approximately $12 billion in cash from operations, less approximately $1.5 billion in capital investments. To put this guidance in context, there are some considerations to keep in mind for 2022. The direct impact of the Ukraine conflict and the resulting suspension of business in Russia is estimated to be approximately $0.04 to comparable EPS. The recent increases in commodity costs are having an incremental”