“We expect that our pro forma tax rate will increase in 2022 and due to a previous change in U.S. tax law that became effective on January 1, 2022.”

In context

“astructure to support our growth objectives and facilitate our ability to scale. In 2022, we expect a significant increase in capital expenditures in the range of $700 million to $1 billion of capital investment for the year. A significant portion of this investment involves construction of facilities to provide incremental space for growth, to consolidate operations to enhance efficiency and to replace lease spaces with own spaces. These capital investments also expand our OUS footprint in support of opportunities for growth in key international markets, where da Vinci procedures are in earlier stages of adoption. These are multiyear investments. Our pro forma effective tax rate for the fourth quarter was 19.5% lower than our expectation, primarily due to a favorable U.S./OUS income mix. We expect that our pro forma tax rate will increase in 2022 and due to a previous change in U.S. tax law that became effective on January 1, 2022. Brian will provide details later in this call. Our fourth quarter 2021 pro forma net income was $477 million or $1.30 per share compared with $434 million or $1.19 per share for the fourth quarter of 2020. I will now summarize our GAAP results. GAAP net income was $381 million or $1.04 per share for the fourth quarter of 2021 compared with GAAP net income of $365 million or $1.01 per share for the fourth quarter of 2020. The adjustments between pro forma and GAAP net income are outlined and quantified on our website and include excess tax benefits associated with employee stock awards, employee stock-based compensation, amortization of intangibles and IP charges, acquisition-related items and legal settlements. We ended the year with cash and investments of $8.6 billion compared with $6.9”