We estimate revenue in 1Q:F26 increased 0.2% year over year to $776.7 million and EPS grew 4.8% to $0.88. We think hardware demand is improving, and we look for the investments ScanSource is making to drive significant recurring revenue and margin growth over the next three years. We think the company's improving cash generation is being overlooked. ScanSource generated $104 million, or $4.37 per share, of free cash flow in F2025. Management now projects the company will maintain a cash conversion rate of 80% of net income. ScanSource ended F2025 with $126 million of cash and debt of just $136 million. We maintain our $66 price target based on 14x our F2027 EPS estimate of $4.74. Our moderate risk rating credits ScanSource's profit history and modest leverage.