“But at the end of the day, our objective remains the same when it comes to returning capital to owners, and that is to return all free cash flow through dividends and buybacks.”

In context

“reiterated the CapEx guidance, but can you maybe kind of speak to the capital return portion of this? Obviously, your free cash flow is better than what might you do differently or more on buybacks or dividends? Rafael R. Lizardi: Yes. No, that's a good question. It's going to depend, and it's going to depend on a number of factors. For instance, right now, we're still in the middle of a high CapEx environment. And we'll see how long that lasts. As we said, next year, we do have a range of 2% to 5%. So that's still -- even at the low end, it's still a meaningful amount of CapEx and we need to be ready for that. And there are other factors, cash on the balance sheet, the price of the stock price, that also -- the stock that also plays into our decision. So we'll take that all into account. But at the end of the day, our objective remains the same when it comes to returning capital to owners, and that is to return all free cash flow through dividends and buybacks. Operator: Our next question comes from the line of Chris Caso with Wolfe Research. Christopher Caso: The question is about fab loading and what your intentions are as we go through the back end of the year into next year, I guess, in light of some of the caution that you expressed, any changes you're making to fab loading and basically where you want your internal inventories to sit as you exit the year? Rafael R. Lizardi: Yes. So I'll tell you, on an ideal -- in an ideal world, what we would want to do. And of course, the world is not ideal, and we'll have to navigate through that. But in an ideal world, what we would do is whole -- manage the operations, so the loadings are relatively stable, relatively flat over time. And what happens during a cyclical upturn, we actually drain some in”