“we expect a tax rate to be between 23% and 23.5%.”

In context

“SMBs will be disproportionately impacted by the uncertain environment, which will add some pressure to operating margins. We expect the U.S. Domestic operating margin to expand by approximately 30 basis points compared to last year. Turning to International, we expect revenue to be down approximately 2% to last year and operating margin to be in the mid-teens due to lower demand-related surcharges and trade uncertainty. And in Supply Chain Solutions in the second quarter, revenue is expected to decline approximately $500 million due to the reduction in revenue associated with Coyote in the same period last year. Operating margin is anticipated to be in the high single digits. And finally, in the second quarter, in total below the line, we expect approximately $160 million in expense, and we expect a tax rate to be between 23% and 23.5%. In closing, I'll note that this uncertain environment reinforces why we've taken action to reshape our volume mix, pull cost-out, and reconfigure our U.S. network. We are focusing on controlling what we can control and executing our strategy to improve the long-term profitability of our U.S. business, drive cash generation, and deliver shareowner value. Operator: Operator: Operator: Tom Wadewitz: Yes, good morning. Thanks for the question. Wanted to see if you could give a sense of, I guess, the cost -- how much of the $3.5 billion full year cost kind of comes through, and like, how does it build through the year? And then do you -- is that like a full offset to the reduction in Amazon revenue or kind of more or less? So, maybe just more on that. I don't know if you want to offer a though”