Free cash flow conversion of 85% or more for the full year. The company’s cash flow outlook assumes that the legislation requiring R&D capitalization for tax purposes is repealed or deferred beyond 2023. The Free cash flow impact of this legislation is up to 10 points of Free cash flow conversion for the year. Sees FY23 Adjusted EBIT margin in the range of 15.0% to 15.5%, reflecting an expansion of 50 to 100 basis points versus 2022 Standalone Adjusted EBIT margin of 14.5%. Sees adjusted effective tax rate in the range of 23% to 25%.
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