“You know, our our objective when it comes to to buybacks and in general, just cash return is to return all free cash flow via dividends and and repurchases”

In context

“r their China business, but also for their export business is super important. I think it will continue to stay important. At this time. Mike Beckman: Okay. We'll we'll move on to our last caller. Operator: Thank you. Our last question comes from the line of Joe Moore with Morgan Stanley. Please proceed with your questions. Great. Thank you. I wonder if you could talk about the the share repurchases in the quarter. They I saw that that the six hundred million plus number. You know, you've got a a billion seven of trailing free cash five billion dollar dividend. I know the free cash is getting better, but can you just talk about know, what drives the timing of your buybacks and, you know, how much know, are you willing to take on more debt to buy back more. Thank you. Rafael Lizardi: Yeah. You know, our our objective when it comes to to buybacks and in general, just cash return is to return all free cash flow via dividends and and repurchases But you gotta recognize that there's times to to build and drain cash So if you look at our our cash balance, for example, we're at a very comfortable five billion dollars and their balance sheet is really strong with that. But a year ago, it was at ten billion dollars and that's because we had so much more of our CapEx ahead of us. Right now, we're at seventy percent we're seventy percent through the the elevated investment. So we're in the approaching the last innings of of the elevated CapEx period. So we felt more comfortable operating at lower levels of cash. But, you know, having five billion dollars of cash will still give you supply in the room. And and on your question on debt, we've taken that before We still have plenty of room on our balance sheet to take on more debt as it ma”