“We now expect our 2024 effective tax rate to be about 13%.”

In context

“ory at the end of the quarter was $4 billion, up $91 million from the prior quarter and days were 219, up 14 days sequentially. Now let's look at some of these results for the year. In 2023 cash flow from operations was $6.4 billion. Capital expenditures were $5.1 billion. Free cash flow for 2023 was $1.3 billion or 8% of revenue. Our free cash flow reflects the strength of our business model, as well as our decisions to invest in 300 millimeter manufacturing assets and Inventory to support our overall objective to maximize long-term free cash flow per share, which we believe is the primary driver of long-term value. Turning to our outlook for the first quarter, we expect TI revenue in the range of $3.45 billion to $3.75 billion and earnings per share to be in the range of $0.96 to $1.16. We now expect our 2024 effective tax rate to be about 13%. In closing, we will stay focused in the areas that add value in the long-term. We continue to invest in our competitive advantages which are manufacturing and technology, a broad product portfolio, reach of our channels, and diverse and long-lived positions. We will continue to strengthen these advantages through disciplined capital allocation and by focusing on the best opportunities, which we believe will enable us to continue to deliver free cash per share growth over the long-term. With that, let me turn it back to Dave. Dave Pahl: Thanks, Rafael. Operator, you can now open the lines for questions. In order to provide as many of you as possible an opportunity to ask your questions, please limit yourself to a single question. After our response, we'll provide you an opportunity for an”