We estimate 2Q:F26 revenue increased 7.9% year over year to $806.3 million and EPS grew 26.5% to $1.07. We expect improving hardware demand was the main driver of revenue growth, but we will be watching for additional signs of progress from the investments ScanSource is making to drive stronger growth in its Intelisys business. The company's cash generation is improving. 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 14x our F2027 EPS estimate of $4.77. Our moderate risk rating credits ScanSource's profit history and modest leverage.