Jim Kavanaugh

From there then, as a CFO and public company, you've got to look at any excess cash above your leverage ratios on how you would have an attractive return to shareholder program.

Given our investor mix, and by the way, we've been doing a very good job of changing that over time, but we have a very sticky,

a very loyal retail base.

They love the dividend and we remain, we've been very transparent.

We remain committed to a secure, modestly growing dividend over time.

I think right now we've given a dividend for what, a hundred plus years and we've raised our dividend.

We're in Aristocat right around 30 years in a row.

And we feel very confident.

We've been able to grow into a pretty attractive, still attractive,

dividend yield at a very appropriate now payout ratio, much better than where we were five, six years ago.

And then from there, given the free cash flow generation engine, Tom, that we've been driving here and the vector of growth,

You know, our return to shareholder program, we're approaching about 40% from a payout ratio.

It gives us a lot of strategic optionality on how to distribute value back to our shareholders.

If we see something that is very attractive inorganically, we're going to continue our organic engine.

You can bet on that.

That's priority number one.

R&D, our research investment, our quantum investment, and the next leg of emerging technology.

But if we see something very attractive that fits our M&A criteria, that will be highly prioritized.

Otherwise, we'll look at strategically diversifying how we give out return of value to shareholders.

And we're about at that payout ratio that allows us to have a lot of flexibility.