“We anticipate a meaningful step up in 2023 for new business investments while raising the dividend and maintaining a healthy share repurchase program.”

In context

“14% from last year or 20% excluding FX. As Sanjiv mentioned, this is the ninth quarter in a row of 20% or more EPS growth ex FX. Operating cash flow is down versus prior year and sequentially. This is almost entirely driven by engineering project timing. Please turn to slide 6 for a review of 2022 capital management. Operating cash flow was $9 billion for 2022 or 82% of EBITDA, consistent with our multiyear average. The business continues to deliver steady levels of cash in any economic environment. You can see to the right how we invested that cash, aligned with our stated capital allocation policy of growing the dividend, reinvesting in the business and using leftover cash for share repurchases. During the year, we invested $3.3 billion while returning $7.5 billion back to shareholders. We anticipate a meaningful step up in 2023 for new business investments while raising the dividend and maintaining a healthy share repurchase program. I'll wrap up with guidance on slide 7. For the first quarter, we’re providing an EPS range of $3.05 to $3.15, an increase of 4% to 8% versus prior year or 9% to 13%, when excluding FX. Sequentially, this range assumes that recovering U.S. pipeline volumes and an acquisition are mostly offset by China seasonality and lower engineering profit. Full year guidance is expected in the range of $13.15 to $13.55, representing an increase of 7% to 10% or 9% to 12% when excluding an estimated 2% FX headwind. Both ranges assume no material change in economic conditions at the midpoint. Furthermore, we're estimating a 4% FX headwind for the first half year and flat for the second half, although recent trends have been better. At this time, we believe it's appropriate to remain cautious against the ba”