1Q:F26 was a record setting quarter for PLUS across multiple metrics, led by double digit growth in revenue, operating profit and EPS. A strong recovery in hardware demand led to 19% revenue growth to $637.3 million, which was well above our $498 million forecast. EPS grew 24.4% to $1.17, also easily topping our $0.87 estimate. Given the strength of the first quarter results, management raised their expectations for revenue, gross profit and EBITDA growth in F2026. Following the sale of its Financing business, ePlus ended 1Q:F26 with no debt and record cash of $480 million ($18.20 per share). The Board is using the company's increased financial strength to reward shareholders with the initiation of a $0.25 quarterly dividend and a new stock repurchase program. We maintain our $92 price target, based on 20x our F2027 EPS estimate of $4.56 (from $4.54). Given the company's track record of profits and a debt-free balance sheet, we assign the stock a Moderate risk rating.