MHH's reported EPS of $0.21 was $0.06 above our estimate but matched the consensus forecast. SG&A expenses of $11.9 million were lower than our $12.8 million estimate. As a result, the operating margin of 2.2% exceeded our 1.4% forecast. Against this difficult comparison, total revenue of $45.5 million was down 10.4% year over year and was below our $47.5 million estimate. On the earnings call, management noted that the billable headcount declined 16.7% year over year to 840. Adjusting for 4Q:25 results, a reduced consultant headcount and anticipated growth driven investments, we trim our EPS estimate to $0.63 (from $0.90) in 2026 and maintain our estimate of $1.01 in 2027. MHH announced that the Board of Directors authorized a $5 million share repurchase program. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $0.67 (from $0.94) in 2026 and $1.05 (from $1.04) in 2027 imply respective FCF yields of 9.9% and 15.4% Our $15 price target is based on 10x our 2027 EPS estimate of $1.01 plus our year-end 2027 estimated net cash per share of $5.10 (from $5.18). On a P/E-only basis, our price target is 14.9x our 2027 EPS estimate and remains consistent with our five-year EPS CAGR of 15%. Free cash flow and the solid balance sheet support our multiple and moderate risk rating, in our view. Mastech Digital is scheduled to participate in the Sidoti March Virtual Investor Conference on March 18-19.