1Q:F26 revenue declined 4.6% year over year to $739.7 million, missing our $776.7 million estimate. The timing of large deals led to lower Technology sales, but demand remains healthy, and management maintained its full-year revenue guidance despite the lower than projected sales in 1Q:F26. Despite the revenue miss, profitability in Technology was stronger than expected, resulting in 6% year-over-year gross profit growth and 26% EPS growth. EPS of $1.06 was well above our $0.88 forecast. The company's improving cash generation also stood out. ScanSource generated $21 million of free cash flow in 1Q:25, and management projects at least $80 million for the year. The company is aiming for a consistent annual cash conversion rate of 80% ScanSource ended 1Q:F26 with $125 million of cash and debt of just $134 million. We maintain our $66 price target, based on an unchanged 14x our F2027 EPS estimate of $4.77 (was $4.74). Our moderate risk rating credits ScanSource's profit history and modest leverage.