Look, in Q1 FY2026 capex was $22 million — roughly 1.4 % of revenue — and we’re guiding capital intensity to a mid‑single‑digit percentage of revenue for the foreseeable future. Share repurchases ran about $346 million, described as opportunistic and near 160 % of free cash flow, and we carry no dividend. We also began exiting non‑core revenue, about $50 million this quarter with $30‑$40 million more expected next quarter, a posture you can think of as a scale incumbent repurchasing and rationalizing rather than expanding capacity while volumes recover.