“Given the demand you see reflected in the RPO as well as what we see in our pipeline, I expect that our CapEx investments will be about where it is right now for the foreseeable future.”

In context

“able securities. The short-term deferred revenue balance was $8.6 billion, up 14% in constant currency. Over the last four quarters, operating cash flow was $15.5 billion, and free cash flow was $7.3 billion with capital expenditures of $8.2 billion. Operating cash flow for the quarter was up 11% at $4.3 billion. The remaining performance obligation or RPO balance is $62.3 billion, up 66% in constant currency due to strong cloud bookings as well as Cerner, which Larry will discuss in a moment. I will also note that the organic RPO growth rate was 26% in constant currency. Approximately 48% of total RPO is expected to be recognized as revenue over the next 12 months. CapEx this quarter was $2.6 billion as we continue to build capacity for existing bookings and our customers' growing needs. Given the demand you see reflected in the RPO as well as what we see in our pipeline, I expect that our CapEx investments will be about where it is right now for the foreseeable future. As always, we remain careful to pace our investments appropriately and in line with booking trends. We now have 41 public cloud regions around the world with another 8 being built. In addition, 12 of these public cloud regions interconnect with Azure, giving customers true multi-cloud capabilities. We have many cloud customer implementations, 10 dedicated regions and another 9 national security regions with increasing demand for more. As we've said before, we are committed to returning value to our shareholders through technical innovation, strategic acquisitions, stock repurchases, prudent use of debt and a dividend. This quarter, we repurchased 1.8 million shares for a total of $150 million. In addition, we paid out dividends of $863 million in the quarter. And the Board of Directors i”