“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.”

In context

“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 of America. Please go ahead. Travis Steed: Hey, thanks for taking the questions and congrats on the good quarter. Maybe, Gary, on the capital selling funnel, just maybe you could comment how the funnel has changed since at the end of the year when you initially highlighted a slower funnel. And just trying to square away the 13% installed base growth with the slower funnel and if that’s being offset by the 7% higher utilization and how to think about capital in the double placements moving forward? Gary Guthart: What”