“Our plan this year assumes that we're going to buy back more stock than we did last year.”

In context

“and thanks for taking my questions. I'll be quick here. Just as we look forward this year, I think free cash flow was down versus last year. I just want to get a sense if we're getting closer to a positive free cash flow inflection? And then we did see an increase in dividends, so just any updated thoughts on capital allocation going forward? John David Rainey: Sure. I'll take that, Rupesh, good to speak with you. We do feel like we're getting really close to both in earnings and a free cash flow inflection as you look at the benefits of a lot of these changes in our business just becoming larger as the composition of our overall business. And hopefully, our capital allocation reflects the conviction and excitement that we have in our business. We announced a 13% increase in our dividend. Our plan this year assumes that we're going to buy back more stock than we did last year. And certainly, if the early reaction to today's announcement is any indication, we have an opportunity too right now. But we're also going to invest in our business with CapEx. And so I think we can be very balanced there going forward with both returning cash to shareholders and investing in ourselves. Operator: Thank you. At this time, we've reached the end of the question-and-answer session. And I'll turn the call over to management for closing remarks. Doug McMillon: Yes, this is Doug. John David just mentioned how old we are. What went through my mind was we feel young. Like if you look at what's happening around the company, whether it's what we're doing with tech or moving to this new office location, there's a lot of freshness and newness and the momentum is helping to fuel that.”