“we believe and the economists that we're talking to, which is quite a many is that FX is going to be a tailwind for us for the next couple of years.”

In context

“nto the first quarter that will turn into a tailwind towards the rest of the year. So that kind of explains why we have a better performance towards the back end. Geoff Martha: And your question on the leveraged P&L, leveraged EPS growth regardless of FX, I think that was your question. So first, just getting to Thierry's point, just one more point is, I don't think this is back end loaded as last year. We did end up hitting -- remember, a year ago, we put out that had the back-half of the year growing quite a bit, and there were some skepticism from the call. We did end up hitting on the higher end of that guidance across the board. I just want to point that out. But to your other more strategic question, the answer is yes. FX over the years, as you guys, always dogged us a bit. And yes, we believe and the economists that we're talking to, which is quite a many is that FX is going to be a tailwind for us for the next couple of years. That being said, what we're doing here is underlying in the operations of the company is creating natural hedges and lowering our exposure to FX through a number of different areas, including something we've already really made a lot of progress on is dynamic pricing in countries that are serial, the currencies are devaluating on a consistent basis. And that has had a pretty -- a fairly meaningful impact, positive impact for us. But in addition to that and expanding that to other countries around the world, paying our teams on kind of actual FX basis, we are making some structural changes that just lower our overall exposure to FX. And then you combine it with our hedging program, I think it's a good formula. But we've got a -- we're putting in place natural hedges. So the answer is yes.”