Look, Q1 FY26 capex came in at $22 million — call it 1.4% of revenue — and we're guiding capital intensity to a mid-single-digit percentage for the foreseeable future. Buybacks ran $346 million, opportunistic, near 160% of free cash flow. No dividend. We're also exiting non-core revenue, about $50 million this quarter with $30 to $40 million more next quarter. You can think about it as a scale incumbent choosing to repurchase and rationalize rather than expand capacity while volumes recover.