For a while, many engineers and product designers inside Apple have pushed for the company to hold on to more of its cash rather than return it, arguing that the money could be better used on major acquisitions, hiring talent, and expanded research and development.

Apple generates more than enough profit to invest in the business and reward investors. But Ternus’ version of the iPhone maker is shaping up to favor greater flexibility — and less obligation to keep funneling cash back to shareholders.

The change signals Apple under Ternus will operate with more leeway. That means buybacks or dividend hikes could potentially slow in size or frequency. And that may alter Apple’s longstanding pitch to investors: We’ll generate enormous cash flow and return it to you. “Now they have the optionality to do it less,” Evercore analyst Amit Daryanani said. “This is a sign they want to do more deals and invest cash differently.”

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