MSFT
#Overall and the way I look at it is ---+ first of all, I'm most focused, on obviously, our organic growth, and in there, <UNK> alluded to this, we made significant changes in how we have allocated our own organic dollars, both in R&D as well as in sales and marketing.
And we'll continue to do that because I think there is significant new opportunities for us to go after, and that will require us to just reallocate aggressively and that to me is core.
But beyond that we will look at inorganic means.
When I look at all of the acquisitions that we have made over the course of the last year, and our OpEx guidance for next year, shows how disciplined we are in bringing new talent in.
Be it in R&D, be it in sales and marketing.
So we are not afraid to bring in new capability.
But I'm also questioning what is the allocation we have.
Of course, we have done smaller acquisitions, but they add up, they're pretty significant.
When you add up all of the things that we have done in the Office 365 space, all of the things we have done in the Azure space.
So we'll continue to do that.
And if anything comes up in M&A which allows us to pursue our strategic vision, that we will need to even allocate more to on an OpEx basis, post acquisition, we will look at that.
So I won't shy away from it, because what's important to us is growth in areas where we have something unique to contribute and long-term profitability.
Thank you.
