Look, first quarter FY26 capex was $22 million — 1.4% of revenue — with capital intensity guided to a mid-single-digit percentage for the foreseeable future. Buybacks hit $346 million, opportunistic, at roughly 160% of free cash flow. No dividend. Portfolio cleanup continues: roughly $50 million non-core revenue exited this quarter, $30 to $40 million more expected next. Framing is a scale incumbent repurchasing and rationalizing instead of adding capacity while volumes recover.