2Q:F26 revenue grew 2.5% year over year to $766.5 million, but missed our $806.3 million forecast, as large deal flow did not materialize as expected. EPS declined 6% to $0.80, missing our $1.07 forecast. In addition to the revenue shortfall, profitability in the quarter was negatively impacted by several unexpected items not expected to repeat in future quarters. Management lowered F2026 guidance which, by our model, came from the second quarter results. Positively, the guidance still implies low single-digit revenue growth in the second half, recurring revenue continues to grow, and management still projects at least $80 million of FCF in F2026. We adjust our F2026 estimates downward to account for the 2Q:F26 miss and new full year guidance. This likewise leads us to project slightly lower revenue and earnings growth in 2027. Cash generation is improving. ScanSource generated $29 million of free cash flow in 2Q:25. The company also ended 2Q:F26 with $83.5 million of cash and debt of just $103 million. We lower our price target to $62 (from $66), based on an unchanged 14x our newly lowered F2027 EPS estimate of $4.42 (was $4.77). Our moderate risk rating credits ScanSource's profit history and modest leverage.