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

In context

“cost of sales by approximately 1% of revenue, plus or minus 20 basis points. As a result, we are updating our estimate for pro forma gross margin to be within a range of 66% and 67% of revenue. In regards to operating expenses, we continue to expect pro forma operating expense growth to be between 10% and 14%, which includes increased depreciation from new facilities and investments to drive our growth objectives. We continue to expect our noncash stock compensation expense to range between $770 million and $790 million. We now expect other income, which is comprised mostly of interest income, to total between $370 million and $390 million. With regards to capital expenditures, we now estimate a range of $650 million to $725 million, primarily for planned facility construction activities. With regard to income tax, we continue to estimate our 2025 pro forma income tax rate to be between 22% and 23% of pretax income. That concludes our prepared comments. As we open the line for questions, we ask that you please limit yourself to 1 or 2 questions. Operator: [Operator Instructions] Our first question is from Travis Steed with Bank of America Securities. Travis Lee Steed: I think just a question I guess maybe I'll start with a margin question. It was kind of one of the highest margins you've had in a long time even with the tariff headwind. I don't know how much of this is the new facility coming on in Q1? Or what -- just trying to think about how -- what drove the margin upside this quarter and kind of what's sustainable on the margin side? Jamie E. Samath: Travis, this is Jamie. Yes, I'd just say we had a strong revenue growth quarter at 21%. Part of that was the increased purchase mix, which obviously”