“We expect OI&E to be around $250 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 17%.”

In context

“of this call, and the global macroeconomic outlook does not worsen from today. We expect our June total company revenue to grow by 14% to 17% year over year, which comprehends our best view of constrained supply. On iPad, keep in mind we face a difficult compare driven by the launch of the A16-powered iPad in the prior year. We expect Services revenue to grow at a year-over-year rate similar to what we reported in March, after removing the favorable year-over-year impact from foreign exchange tailwinds. Keep in mind, during March, FX was a 2.5 percentage point tailwind to the total company growth rate, and for Services, that impact was slightly more favorable. We expect gross margin to be between 47.5% and 48.5%. We expect operating expenses to be between $18.8 billion and $19.1 billion. We expect OI&E to be around $250 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 17%. With that, Tim and I will take questions. Suhasini Chandramouli: Thank you, Kevan. We will now open the call for questions. We ask that you limit yourself to two questions. Operator, may we have the first question, please? Operator: Certainly. We will go ahead and take our first from Erik Woodring with Morgan Stanley. Erik Woodring: Great, thank you very much for taking my questions, guys. And Tim, I will save the congrats for next quarter. But it has been a pleasure working together. I would love, maybe, Tim, if I could ask you to contextualize the supply constraints you alluded to in your prepared remarks, meaning how much did demand outpace supply for iPhone and Mac in March? And does your June guidance also reflect supply constraints for those segments, or is that an unconstrained gui”