“With regard to income tax, we continue to estimate our 2025 pro forma income tax rate to be between 22% and 23% of pre-tax income.”

In context

“enue, plus or minus 30 basis points. As a result, we are updating our estimate for pro forma gross margin to be within the range of 65% and 66.5% of revenue. In regards to operating expenses, we now expect pro forma operating expense growth to between 10% and 14%. The projected operating expense growth reflects increased depreciation from new facilities and investments to drive our growth objectives. We now expect our non-cash stock compensation expense to range between $770 million and $790 million in 2025. We continue to expect other income, which is comprised mostly of interest income, to total between $370 million and $400 million in 2025. With regard to capital expenditures, we now estimate a range of $650 million to $750 million, primarily for planned facility construction activity. With regard to income tax, we continue to estimate our 2025 pro forma income tax rate to be between 22% and 23% of pre-tax income. That concludes our prepared comments. We will now open the call to your questions. Operator: [Operator Instructions] And our first question comes from the line of Travis Steed from Bank of America Securities. Your question, please. Travis Steed: Hi. Thanks for taking the question. First, I’ll ask a question on tariffs. Just the 170 basis point impact in 2025. Just curious how to think about that on an annualized basis, any way to kind of break out how much of that is China versus Mexico and how to think about the cadence over 2025, how much of that impacts in kind of Q4 and in Q3 this year? Jamie Samath: Yes. Travis, in terms of the breakout for this year, roughly half-ish of the impact is U.S.-China trade, both directions. And about 40% of the impact is imports into the U.S. ex-China, Me”