“Excluding FX, the midpoint is down 4% sequentially due to engineering project timing and base volumes, including seasonality, although we are taking actions to improve this range.”

In context

“eet, stable cash generation and an active stock repurchase program enables value-creating opportunities during turbulent markets. In fact, our best stock repurchases happen when equity markets overreact. This is why we recently announced a new $15 billion stock repurchase program, allowing us to optimize our excess free cash flow and robust balance sheet. We'll continue to take advantage of stock market dislocations and return capital to our owners in a tax-efficient manner. I'll wrap up with guidance on Slide 6. For the full year, we're raising guidance to a range of $14 to $14.10, representing a 14% to 15% growth rate. Consistent with prior quarters, the upper end assumes no sequential economic improvement. The updated full year guidance implies a fourth quarter range of $3.38 to $3.48. Excluding FX, the midpoint is down 4% sequentially due to engineering project timing and base volumes, including seasonality, although we are taking actions to improve this range. As Sanjiv mentioned, global volatility appears to be the norm these days, so we must run our business in a manner which navigates the uncertainty while executing the strategy and delivering on commitments. And while no one can predict what will happen tomorrow, let alone next year, Linde owners can rest assured knowing their capital will be properly managed for sustained compound growth in any environment. I'll now turn the call over to Q&A. Operator: Thank you. [Operator Instructions] We will take our first question from Mike Leithead with Barclays. Your line is open. Mike Leithead: Great. Thank you. Good morning. Sanjiv, maybe to start, you talked about some macro crosscurrents impacting risk appetite. And I think there's probably been a bit of a pullback in the clean energy space, mayb”