“Overall, I expect our long-term operating cash flow to EBITDA ratio to remain in the low to mid-80% range.”

In context

“er capital management. While cash trends are relatively steady, the Q1 operating cash flow to EBITDA ratio was 64% or 11% lower than last year. The majority of this difference relates to timing of engineering working capital, both from a reduction in contract liabilities and an outflow from accruals and payables. So said differently, we met a contractual milestone this quarter and thus booked current income related to a customer cash deposit received over a year ago. In addition, we paid third-party vendors for work related to that project. Normally, you wouldn't experience a cash flow swing of this magnitude but the lumpy and accelerated wind-down of sanctioned projects are creating this effect. Excluding engineering timing, working capital levels remain quite healthy across the company. Overall, I expect our long-term operating cash flow to EBITDA ratio to remain in the low to mid-80% range. But the next few quarters could be more volatile as we continue to wind down remaining projects. And recall, this ratio in 2021 was 96% and driven by customer pre-payments related to these sanctioned projects. So the multiyear average is a better indicator of performance. Available operating cash flow, which represents operating cash flow less base CapEx is stable at approximately $1.5 billion per quarter. We continue to deploy cash to growth initiatives, dividends and share repurchases as part of our stated capital allocation policy. I'll wrap up with guidance on Slide 6. For full year 2023, we're raising guidance $0.30 at the bottom and top end for a new range of $13.45 to $13.85. This represents a growth rate of 9% to 13% versus 2022. Note, we do not assume any FX impact since currenci”