“Our free cash flow guidance continues to reflect a very strong free cash flow to net income ratio of 1.1 to 1.2.”

In context

“ency over fiscal '21, which continued to assume an inorganic contribution of 5%. For operating margin, we continue to expect fiscal year '22 to be 15.2% to 15.4%, a 10 to 30 basis point expansion over fiscal '21 results. We continue to expect our annual effective tax rate to be in the range of 23% to 25%. This compares to an adjusted effective tax rate of 23.1% in fiscal '21. For earnings per share, we now expect our full year diluted EPS for fiscal '22 to be in the range of $10.32 to $10.60 or 17% to 20% growth over adjusted fiscal '21 results. For the full fiscal '22, we now expect operating cash flow to be in the range of $8.4 billion to $8.9 billion, property and equipment additions to be approximately $700 million and free cash flow to be in the range of $7.7 billion to $8.2 billion. Our free cash flow guidance continues to reflect a very strong free cash flow to net income ratio of 1.1 to 1.2. Finally, we continue to expect to return at least $6.3 billion through dividends and share repurchases as we remain committed to returning a substantial portion of cash to our shareholders. With that, let's open it up, so we can take your questions. Angie? Angie Park Thanks, KC. I would ask that you each keep to one question and a follow-up to allow as many participants as possible to ask the question. Operator, would you provide instructions for those on the call? Operator: Of course. [Operator Instructions] And the first question comes from the line of Tien-tsin Huang from JPMorgan. Please go ahead. Tien-tsin Huang: Thank you so much. Yes, really remarkable growth here in [technical difficulty] $600 million. I think that's the largest number of growth [technical difficulty] got to ask w”