“We are also updating our estimate for other income which is comprised mostly of interest income to total between $40 million and $50 million in 2022, a decrease from our previous estimate of $60 million and $70 million.”

In context

“We are now refining our estimate of pro forma gross profit margin to be within 69% and 69.5% of net revenue, given the ongoing impact of higher input costs related to supply chain and the impact from a stronger U.S. dollar. Our actual gross profit margin will vary quarter-to-quarter depending largely on products, regional and trade-in mix, fluctuations in foreign currency rates and the impact of new product introductions. With respect to operating expenses, on our last call, we forecast pro forma operating expense growth to be between 23% and 25%. We are adjusting our estimate and now expect our full year pro forma operating expense growth to be between 21% and 23%. We are narrowing our estimate for non-cash stock compensation expense to range between $520 million to $530 million in 2022. We are also updating our estimate for other income which is comprised mostly of interest income to total between $40 million and $50 million in 2022, a decrease from our previous estimate of $60 million and $70 million. The decrease primarily reflects lower interest income on cash that was used to repurchase shares and also the net impact of certain foreign exchange gains and losses. On last quarter’s call, we forecast 2022 capital expenditures within a range of $700 million to $800 million. We are now lowering our estimate for capital expenditures for 2022 to be in the range of $600 million to $700 million. With regard to income tax, we continue to estimate our 2022 pro forma tax rate to be between 22% and 24% of pre-tax income. That concludes our prepared remarks. We will now open the call to your questions. Maggie, I think we would like to go ahead and lead the Q&A ahead. Operator: All right. Yes. Thank you. [Operator Instructions] And first we have a question from the line of Travis Steed with Bank o”